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[size=30]Oil prices are rising despite OPEC's agreement to "pump more" .. What is the story of the growing demand?
2021-04-02
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Yes Iraq: Follow up
On Friday, oil prices continued to rise despite news that the "OPEC +" group reached an agreement to gradually reduce production cuts, starting next May.
By 09:30 Moscow time, US West Texas Intermediate crude rose by 3.87% to $ 61.45 a barrel, and the crude closed yesterday, up 3.9%.
Brent crude rose 2.12% to $ 64.86 a barrel, and crude ended Thursday's trading with a 3.4% increase, according to Bloomberg data.
The "OPEC +" group, which is made up of the Organization of the Petroleum Exporting Countries (OPEC), Russia and allied producers, agreed to ease production restrictions by 350,000 barrels per day in May, the same in June, and then by 400,000 barrels per day next July.
"The irony is that the market swallowed up the (OPEC +) story of demand, which will increase the necessary barrels, despite OPEC's repeated calls for caution for days before the meeting," said Bob Yoger, director of energy contracts at Mizuho.
Under today's agreement, the applied "OPEC +" cuts will be only slightly higher than 6.5 million barrels per day from next May. The cuts were about seven million barrels per day before that, in addition to another million barrels that Saudi Arabia volunteered to reduce its production.
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