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Oil prices went down due to the forecast of growth in OPEC production in July



Oil prices fell in the evening on Friday due to the forecast of growth in OPEC production in July, despite the global pact.



22.Jul.17 5:32 AM
By Daria Zaytseva
Photo Toinnov.com

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Oil prices went down due to the forecast of growth in OPEC production in July

By 16.51 GMT, futures for Brent crude fell by 0.73 percent to $ 48.94 per barrel.

Futures for U.S. crude WTI by this time traded at $ 46.52 per barrel, 0.85 percent lower than the previous closing.

OPEC oil production could rise by 145,000 barrels per day in July, Petro-Logistics, a consulting company, said on Friday. Thus, the total production volume of the group will exceed the mark of 33 million barrels per day.

The main driver of OPEC's oil production growth in July will be the increase in raw materials production in Saudi Arabia, the UAE and Nigeria, Petro-Logistics predicts.

The OPEC oil cartel and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million barrels per day to restore the balance of world supply and demand.

Players of the market as a whole agree that there are no cardinal solutions following the results of the meeting.

"I do not think that this meeting will lead to a decision on a larger scale of production cuts, and even Libya and Nigeria will hardly want to reduce their production," said Frank Schallenberger of LBBW.




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