This week crude oil suffered variations in its price motivated by the monthly OPEC + meeting. The meetings of the countries that make up this group seek to decide what measures to take in the current context and thus work on prices that respond to demand without suffering losses.
Expectations were for a slight and gradual increase in oil production after the previous cuts. In this context, the price of this week’s WTI and BRENT futures contracts suffered losses, reaching $ 59.38 a barrel of oil and $ 62.41 dbp respectively.
The group will continue with the restrictions on production, therefore there will be no changes in the offer. This decision surprises investors given the current context of slight recovery.
Production will remain stable during the month of April and even Saudi Arabia, which had voluntarily cut its production even more, will maintain the levels. This raised concern that this country had reduced production to 1 million barrels a day. Countries like Russia and Kazakhstan received some concessions on increased production and the next decision will be debated on April 1 to set May levels.
In this context Goldman Sachs Group Inc, JPMorgan, Australia & New Zealand Banking Group Ltd, established projections for the price of Brent between $ 70 and $ 80 a barrel within this year.
The OPEC + decision quickly raised prices in the market.
The Brent price is currently at $ 69.10 dbp and the WTI price is $ 66.15 dbp at 12 p.m. GMT -3.