Oil Prices Declined After OPEC+ Decision

Oil prices declined after OPEC+ decision. OPEC+ decided to increase the amount of oil production.

Oil prices declined as OPEC+ decided to increase production in the coming months and raised delivery prices for Saudi Arabia's customers in Asia. The barrel of West Texas type (WTI) crude oil fell 0.6 percent after rising 3.9 percent on Thursday. The OPEC+ coalition decided to increase oil production by 1 million barrels per day between May and July. OPEC+, which has been implementing steep discounts since oil prices dropped in 2020, agreed to reduce production cuts by 350,000 barrels a day in May, 350,000 barrels a day in June, and another 400,000 barrels a day in July. Vanda Insights Founder Vandana Hari said the following on the subject: "OPEC+ 'decision to increase production is a compromise rather than the confidence that the market is recovering. One more concession to Russia could disrupt the harmony within the coalition." According to the statement made by OPEC, it was reminded that 23 countries decided to increase the production of half a million barrels per month in December 2020, and it was said that an increase will be made not to exceed 500 thousand barrels per day for the next three months. West Texas oil for May futures is trading in the Nymex market, down 0.6 percent, at $ 61.09 a barrel. Brent oil for June futures fell 0.7 percent to $ 64.44 a barrel on the London ICE Futures Europe market.