“The decline in OPEC+ crude oil exports should help tighten market supply and push oil prices to $90 per barrel over the next few weeks,” analysts led by Giovanni Staunovo said in the report. As hot weather in the Middle East boosted domestic oil demand in member countries, OPEC exports this month have declined from a low level in June. Staunovo said that the decline in Russian exports was greater than the normal seasonal level, indicating that the country is reducing exports to make up for past production exceeding OPEC+ quotas.

“The decline in OPEC+ crude oil exports should help tighten market supply and push oil prices to $90 per barrel over the next few weeks,” analysts led by Giovanni Staunovo said in the report. As hot weather in the Middle East boosted domestic oil demand in member countries, OPEC exports this month have declined from a low level in June. Staunovo said that the decline in Russian exports was greater than the normal seasonal level, indicating that the country is reducing exports to make up for past production exceeding OPEC+ quotas.