The view shows the logo of the organization of oil exporting countries (OPEC) during the United Nations COP29 in Baku in Azerbaijan on November 13, 2024.
Maxim Shemetov | Reuters
Eight key OPEC+ manufacturers in Thuesday agreed to collect the combined production of oil by 411,000 barrels a day, accelerating the pace of their planned wandering and reducing oil prices.
The ICE Brent agreement with red delivery was 70.50 USD per barrel at 13:32 pm London (8:32 et), a decrease by 5.94% compared to Wednesday. The contract at the front of May Nymex WTI was USD 67.11 per barrel, 6.41% lower.
Saudi Arabia, Russia, Iraq, Zea, Kuwait, Kazakhstan, Algeria and Oman practically review the global market conditions and decided to increase collective production by 411,000 barrels a day, starting from May. The group is expected to implement an increase of slightly less than 140,000 barrels a day next month.
The May journey agreed on Thursday, she is “equivalent to three monthly growths”, OPEC said in a statementAdding that “gradual increases can be stopped or inverted subject to evolving market conditions.”
Eight OPEC+ manufacturers this month gradually began to unwind 2.2 million barrels a day voluntary cuts undertaken regardless of the production strategy of the wider 22-person alliance OPEC+, which has about 3.66 million barrels a day separate cuts until the end of 2026.
The Thursday meeting was the first in which Erlan Akkenzhenov, the new Energy Minister Kazakhstan, who struggled with the production above the assigned limit.
Without referring to individual countries, OPEC said in Thursday's statement that the increase in production may “give the countries of participating in the possibility of accelerating their compensation” through additional production cuts in accordance with overproduction.
On Thursday's decision, a tonist was made against the background of a wider market caused by sweeping tariffs on key trading partners exposed on Wednesday by the administration of US President Donald Trump, who at the same time was in favor of higher production of oil in the USA.