Oil Price May Rise Up to $ 40

Oil Price May Rise Up to $ 40

OPEC President Muhammed Arkab announced that they expected the price of oil to increase to $ 40 a barrel in the second quarter of the year. The Minister of Energy of Algeria and the President of the Organization of Petroleum Exporting Countries (OPEC) Muhammed Arkab made statements to the Algerian state radio. Muhammed Arkab said that the oil prices, which had a sharp fall due to the coronavirus epidemic, which had been effective recently, foreseen a recovery in the coming periods. OPEC President Muhammed Arkab predicted that in May and June, the price of barrels of oil will increase to 40 dollars in May and June when OPEC member countries decide to restrict production. Muhammed Arkab said that the oil market made good signals during the past few months after the sharp decline last week. The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries had largely restricted oil production on April 10. As a result, it was decided to reduce the daily crude oil production of the OPEC group to 10 million barrels between 1 May and 30 June, to 8 million barrels between 1 July and 31 December, and to 6 million barrels per day between 1 January 2021 and 30 April 2022.