OPEC+ agrees to increase oil production
April 2, 2021 9:22 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
OPEC+ agreed to gradually increase oil production in the coming months, making a cautious bet on the summer economic recovery.
Contrary to all market expectations, the group came to an agreement to add more than 2 million barrels per day to global oil supplies from May to July. That would bring back about a quarter of the crude oil they still hold after a significant reduction a year ago.
With oil prices consistently above $60 a barrel, the Organization of the Petroleum Exporting Countries and its allies are forced to provide more fuel for the accelerating global economic recovery. The value of other commodities is also skyrocketing, with central banks from the US to China grappling with the potential for higher inflation while their governments pour trillions of dollars into fiscal stimulus.
Since Monday, there has been speculation that the cartel will extend the restrictions, as it did in March. Nevertheless, Saudi Arabia and its allies have become more convinced that oil demand is now strengthening, as countries such as the United States rapidly expand their vaccination programs.
A coalition of 23 countries led by Saudi Arabia and Russia will increase production by 350,000 barrels a day in May, then add the same amount in June, and increase it by 450,000 in July, Prince Abdulaziz told reporters after the meeting. On top of that, Saudi Arabia will abandon a voluntary production cut of 1 million barrels a day, while adding 250,000 barrels a day in May, 350,000 in June, and 400,000 in July, he said.
Consumers around the world, including India and the United States, are urging OPEC+ to continue to control prices, fearing that higher oil prices could exacerbate inflationary pressures around the world. Despite the fact that oil consumption in Europe is weak, because Italy, France and Germany are again imposing restrictions, while in America fuel consumption is growing rapidly, and the indicators of demand from China have increased even more.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: