Oil Prices Did Not Affected by OPEC + Decision

Oil Prices Did Not Affected by OPEC + Decision. In the meeting held between OPEC and non-OPEC countries following the emergence of the coronavirus epidemic, a decision was made to restrict oil production. In the past days, a new decision was made to reduce production cuts. However, oil prices were not affected much by this situation. Oil prices, which experienced sharp fluctuations during the epidemic, declined slightly with the OPEC + coalition's decision to reduce production cuts after next month, after closing at its highest level in four months. Futures contracts fell below $ 41 a barrel in New York after rising 2.3 percent on Wednesday. Saudi Arabia and Russia stated that the block of producers would increase supply starting next month, following the previous plan, and this would not harm the rally in oil. The reduction of production restrictions will be partially offset by the decrease in the production of the member states, which had cut below their targets in the previous months. According to official data released in the United States on Wednesday, crude oil stocks showed support for 7.5 million barrels last week, indicating that this year's biggest decline and the abundance of supply due to the outbreak restrictions are declining.