OPEC+ begins an increase in its oil production

This article was automatically translated from HIBAPRESS, the Arabic version:

Hibapress

The OPEC+, a group including OPEC and its allies, began on Tuesday an increase in its monthly oil production from early April, while gradually getting rid of voluntary production reductions.

According to the press, the group plans to continue these production increases until May, which could limit the increase in oil prices.

This decision comes at a time when oil analysts claim that crude prices have reached their highest level in more than a month, in a context where the resurgence of geopolitical tensions accentuate the fears of a break in supplies.

Market players closely monitor the announcements of customs prices policies that could negatively affect global growth and energy consumption, they underline.

Regarding prices, the oil price increased Tuesday after the threats of the American president Donald Trump to impose additional customs taxes on Russian crude and to invade Iran, except that fears linked to the impact of the commercial war on world economic growth have limited these gains.

Brent -up to the Brit’s crude contracts were appreciated by 21 cents (0.3 %) to reach $ 74.98 a barrel, while West Texas Intermediate Oil Contracts, they gained 22 cents (0.3 %), stalling at 71.70 Dollars per barrel.

On Monday, at the end, the two gross contracts had reached their highest level in five weeks.