The organization will barely increase pumping by 100,000 barrels per day, the smallest increase in its history
The pressure from the West in the face of the strong tension due to the unstoppable rise in energy prices has had no response from OPEC. The members of the organization of the largest oil exporters and their allies decided yesterday to increase their joint production starting next September. But only at 100,000 barrels of crude oil per day. This is a minimal increase, one of the smallest in its history, which will hardly have an impact on price and is far from the increase of 648,000 barrels per day that was agreed in June for pumping in July and August.
The decision thus anticipates only a small help for a very stressed market, although it is true that crude oil prices have eased in recent weeks from highs.
The reaction in the market was immediate. The price of a barrel of Brent, a reference in Europe, went from the falls in the early hours of the morning to be placed again above 100 dollars after the publication of the OPEC statement. And although it later returned to the red, analysts anticipate that prices will remain high in the coming weeks.
Following this rather symbolic response, OPEC+ production will rise to 43.955 million barrels per day as of September. Saudi Arabia and Russia will assume the largest volume of production, with an offer of 11.030 million barrels per day, respectively.
stock market reaction
Listed companies in the oil sector reacted with increases, supporting the general rises in the European stock markets. In Spain, the Ibex-35 ended the session with an advance of 0.5%, which at least returned the indicator to levels above 8,100 points.
Investors received a break from the macroeconomic data, after it was published that the PMI for the services sector maintained a positive evolution in July, standing at 53.8 points. Although the figure represents a fall from the 54 points of the previous month, it still remains in the expansion zone, resisting the impact of inflation and the deterioration of economic expectations.
In yesterday's session, the biggest increases were for Fluidra (+6.56%), PharmaMar (+3.28%), BBVA (+3.24%), IAG (+2.63%), Aena (+ 2.40%). At the bottom of the table were Acciona (-2.54%), Enagás (-1.93%), CaixaBank (-1.80%), Sabadell (-1.42%).