The decision by Saudi Arabia and Russia to increase oil production by 648,000 barrels a day in the next two months instead of 432,000 not only did not calm prices but vice versa. The price of the Brent barrel closed the day higher at more than $ 1.3 and closed at $ 117.6. The morning was more optimistic and the price of oil fell in light of the feeling that Saudi Arabia and the US were heating up relations.

So what's going on here? Why do markets react with rising prices precisely when output appears to be rising? 

Well you have to look at the numbers. Last month Russia was forced to lower its output by 1 million barrels a day due to Western sanctions. The increase set today does not compensate for this shortage and it should be remembered that we are at the beginning of the summer when demand is expected to increase (flights, for example). Besides, there are many doubts whether the OPEC + countries will be able to increase output due to difficulties and this applies not only to Russia but also to countries like Nigeria and Angola. Barrels per day compared to demand hovering around about 100 million.
 
In short, it seems that the price of oil will continue to rise before falling again ....