Oil prices dropped on Monday after OPEC+ announced an increase in production. The oil cartel will increase production by 548,000 barrels per day in August.
That is more than was expected on the oil market.
The price of a barrel of American oil (159 litres) dropped by more than 1 per cent in Singapore to over $66, and Brent oil became 0.4 per cent cheaper at $ 68.
On the oil market, it was expected that OPEC+ would increase production by 411,000 barrels per day in August, just as it did in May, June, and July. Most of the production cuts by the oil cartel from previous years have now been reversed.
The production increase comes from the cartel members Saudi Arabia, Russia, Kazakhstan, Oman, the United Arab Emirates, Algeria, Iraq and Kuwait. Saudi Arabia is taking the largest share of the production increase, mainly to gain market share from American shale oil producers.
