Saudi Arabia has sharply increased oil production

Total cartel production in June increased by 173,000 b / s to 32.3 million b / s. The increase in production in Saudi Arabia, Iraq (+71,500 b / s), the United Arab Emirates and Kuwait was partially offset by a decrease in Libya, Angola and Venezuela. Iran, whose US exports are to be reduced to zero in November, maintains production at 3.8 million b / s.

World oil demand, according to OPEC, will increase and in 2019 exceed 100 million b / s. However, the deal positively influences the rapid resolution of trade disputes between the US and China and the EU

OPEC expects that in the second half, Russia will increase its oil production from 150,000 b / s to 11.13 million b / s.

On 23 June in Vienna, the OPEC countries and non-OPEC agreed on an increase in oil production of 1 million b / s before completion at 100% of previous commitments to limit oil production. Russian Energy Minister Alexander Novak said that Russia's share in the increase in production could reach 200,000 b / d by the end of the year .