OPEC + members are debating today about the level of oil production next month. Let us recall that in April, Saudi Arabia extended its voluntary production cut at 1 million barrels per day. Now the market is wondering if Saudi Arabia will take the same step in May. More importantly, however, the cartel is reportedly to be considering a return to monthly production spikes. According to recent news, OPEC+ is taking into consideration a gradual increase of 350K bpd in May, 350K bpd in June and 400K bpd in July. Such a system was supposed to apply in the first quarter of this year, but due to weak demand in the previous months, production was increased minimally, mainly by non-OPEC countries.
WTI oil touched the lows of the day at $ 58.91, however buyers managed to regain control and price is approaching local resistance at $ 60.00. Source: xStation5
