The increase in oil production was seen as a balancing act to prevent a further surge in oil prices that could potentially hamper the global economic recovery.
However, despite this decision, oil prices have faced downward pressure throughout the week. Several factors have contributed to this decline, including concerns over the rapid spread of the Delta variant of COVID-19 and its potential impact on global oil demand. With new cases rising in many countries, there are growing concerns about the possibility of renewed lockdown measures, which could dampen oil consumption.
