Eight OPEC+ manufacturers accelerate hiking on crude oil by pushing oil prices 6% below

Eight Opec+ Key manufacturers have agreed to collect a combined crude oil for 411,000 barrels per day, accelerating the pace of their planned hiking and repel oil prices.

The Ice Brent contract from June traded $ 70.50 a barrel at 13:32 in London time (8:32 am et), which is 5.94% compared to the closed Wednesday. The front month of May Nymex WTI was $ 67.11 a barrel, which is 6.41% below.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman met practically to revise the world market conditions and decided to increase collective products by 411,000 barrels a day, starting in May. The group is expected to lead an increase of just under 140,000 barrels a day next month.

Hike in May, agreed on Thursday “Equivalent of Three Monthly Steps”, OPEC said in a statementAdding that “a gradual increase can be suspended or reversed depending on developing market conditions.”

Eight OPEC+ manufacturers this month began to gradually unwind 2.2 million barrels on the day of voluntary cuts, which are held regardless of the production strategy of a broader 22-time alliance, which has approximately 3.66 million barrels per day of individual cuts by the end of 2026.

The meeting on Thursday became the first to participate in Erlan Akenzhenov, a new Minister of Energy of Kazakhstan, who fought the production over the designated quota.

Without addressing individual countries, in its statement on Thursday, OPEC stated that the hike for the exit “will” allow the participants to speed up their compensation “by further reduction of production in accordance with excessive production.

The decision on Thursday was made against the background of the wide market, which is caused by sweeping tariffs on key trading partners presented on Wednesday by US Presidential Administration Donald Trump, which simultaneously stands for high oil products in the United States.