Oil prices, which had been on track to increase by over 20 percent last month, fell early Tuesday.
OPEC+ ministers decided Sunday to increase oil quotas by a total of 188,000 barrels per day for July, in a move analysts said would be unlikely to have an impact on prices sent higher by the Mideast war.
Jorge Leon, analyst at Rystad Energy, said ahead of the expected increase that it “means very little while the Strait of Hormuz remains closed”.
He added: “The market is not short of quota announcements; it is short of physical barrels that can actually move. In that sense, the 188,000 barrels per day increase would be more of a policy signal than a real supply boost.”
The hiked production output was agreed on Sunday in a video meeting of oil ministers from key OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, a
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