OIL PRICES RISE ON OPEC+ DECISION TO INCREASE PRODUCTION
At the auction on Friday, WTI and Brent oil is getting more expensive. Brent crude was trading at $64.70 a barrel. The price of WTI crude oil was $61.20 per barrel. Such levels of oil prices were observed in January last year. On the eve of the meeting of the ministers of the countries participating in the OPEC+ deal. They decided to gradually increase the volume of oil production within the scope of the volumes previously specified in the agreement. For the period from May to July inclusive, the volume of oil production increased by 2 million 150 thousand b/d. In May and June, the OPEC+ countries will increase production by 350 thousand b/d, in July-by another 450 thousand b/d. Saudi Arabia does not abandon the previously announced additional production cuts under the voluntary initiative of 1 million b/d. The participants of the meeting noted signs of stabilization of the situation in the oil market. They do not rule out that in the coming months, demand will grow due to the lifting of restrictions in the countries that are the largest consumers of oil.