The expected OPEC meeting may 25 day realized the extent of the agreement signed by the cartel and other countries like Russia for nine months, until March 2018. However, to date, as a result of the increase in production to countries such as Libya, the United States and Brazil, which does not participate in the cartel, the price of the commodity has still proven quite unstable.
After recovering from losses of the previous week, motivated by the advancement of American production and Nigeria, the price of a barrel had slight elevation earlier in the week. But, lost strength after the Department of energy (DoE) reported that the United States should increase your production of barrels per day in July.
But, apparently, all is not lost. Saudi Arabia's Energy Minister, Khalid Al-Falih said that the diplomatic crisis with Qatar will not affect oil prices, especially as the now isolated Arab country, said that despite the "fight" with the neighbors, Qatar will continue to honor the agreement on production cuts led by OPEC members.
The Russia is also pending. In a recent interview, the Russian Energy Minister Alexander Novak, estimated that in the first quarter of next year, the agreement will be able to raise commodity prices reaching the goal of producing countries.
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