© Photo: Maria Novoselova/ Vestnik Kavkaza
A sharp decline in June Brent futures to 2021 lows motivated OPEC+ countries to reassess the increase in oil production quotas. It was decided not to change plans for a gradual increase in production by 150,000 bpd per month.
The OPEC+ monitoring committee gathered today for an additional emergency meeting to agree on a coordinated response to the fall in oil prices.
The planned increase in OPEC+ total oil production in May was supposed to be 150,000 bpd, but on April 3, it was announced that instead, quotas would increase by 411,000 bpd at once. The announcement came a day after US President Donald Trump imposed tariffs on all US imports (meaning a reduction in freight traffic and, as a result, a decrease in demand for oil products), which led to a drop in prices. If on April 2, June Brent futures rose above $74 per barrel, now they are trading below $66 per barrel, that is, at a four-year low.
