Oil prices continued to decline on Monday by more than 3% following the OPEC+ announcement of an increase in production in June. At the beginning of the morning in Asia, American oil West Texas Intermediate fell by 3.8% to $56.08 per barrel, Brent - by 3.5% to $59.17 per barrel.
On Saturday, all eight OPEC+ countries announced a significant increase in production in June, coinciding with which Saudi Arabia, Russia, and six other countries were collectively to increase production by 411,000 barrels per day. This level corresponds to production in May, according to the OPEC+ statement.
"The idea is to balance the quotas and ensure stability in the market," sources in the organization noted.
