Oil prices will soon fall

Analysts point out that this OPEC+ decision is based on a change in strategy.

Its key goal is to accelerate production, which could lower the price of “black gold.”

The accelerated increase in production comes amid growing regional supplies and uncertainty about demand as President Trump's trade war threatens to destabilize the global economy.

According to individual OPEC+ members, they are accelerating the recovery of production in part to take advantage of higher demand during the northern hemisphere summer.

Another important task is to punish group members who exceed production volumes and restore sales volumes given to competitors, such as American shale oil producers.

OPEC+ representatives claim that Saudi Arabia is particularly interested in restoring idle capacity as soon as possible.

A larger increase in August would allow OPEC+ to return to producing 2.2 million barrels per day by September.