Oil prices jumped in the European market on Tuesday to its highest level in a week, to resume its gains that were temporarily stopped yesterday, this comes before the start of the official meeting of the OPEC Plus alliance later today, to discuss new developments in the market, and to take the necessary measures towards production policy in a way that achieves more balance. Between supply and demand.
US crude rose by 1.2% to $ 62.71, its highest level since April 20, from the opening level at $ 61.95, and the lowest level at $ 61.94, and Brent crude rose by 1.0% to $ 66.42 a barrel, the highest in a week, from the opening level. At $ 65.76, it was the lowest at $ 65.68.
On Monday, US crude lost 0.3%, and Brent crude fell 0.4%, in the first loss in the past three days, due to the worsening coronavirus crisis in India.
The agenda of the Organization of Petroleum Exporting Countries "OPEC" showed that the meeting of the production control committee of the "OPEC Plus" alliance and the ministerial meeting of the alliance countries will take place today, that is, a day before the date that was previously scheduled.
The Russian news agency "TASS" said that the meeting of the monitoring committee is scheduled to be held at 3 pm today "at 12 GMT", after which the ministerial meeting will start.
According to "news agencies", the OPEC Plus Joint Technical Committee on Monday raised its forecast for demand growth in 2021, but warned that the high cases of Coronavirus in India, Japan and Brazil could impede the recovery of global demand for fuel.
During the monthly meeting of the Joint Ministerial Committee of the OPEC Plus alliance in early April, a gradual increase in supplies was approved starting next May, with a total of 1.15 million barrels per day distributed over three months.
The agreement provides for an increase of 350,000 barrels per day in May, a similar increase in June, and an increase of about 450,000 barrels per day in July.
Under this agreement, current production cuts decline by about 7.2 million barrels in April to 6.85 million barrels in May, then to 6.5 million barrels in June, and then to nearly 6 million barrels per day in July.
The Kingdom of Saudi Arabia said that during that period it would also reverse its voluntary reduction by one million barrels per day, which it had done since last February, and would increase its production by 250,000 barrels in May, then by 350,000 barrels in June, in addition to 400,000. Barrels in July.
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