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OPEC decision to boost oil production will not strongly influence its price — Central Bank

The OPEC decision to increase oil production will not have a major effect on its price but the Bank of Russia intends to revise the oil price forecast yet leave it “fairly high,” First Deputy Chairwoman of the Central Bank Kseniya Yudaeva said on Wednesday.

“We will nevertheless make a minor revision [of the outlook] on the basis of current trends. The oil prices dynamics has been soft so far. In other words, OPEC decided to increase production but not to the extent that prices experience a major change right now over the short term,” she said.

“We see that prices remain at a rather high level so far. Therefore, the forecast for this year will be left fairly high,” Yudaeva said.

Participants in OPEC+ oil production capping deal agreed at the meeting in Vienna on June 23 to increase production by 1 mln barrels per day. It was reported earlier Russia planned to boost July production by 200,000 barrels daily.
Source: Tass

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