London/Moscow (Reuters) – Eight OPEC+ countries agreed Thursday to accelerate their oil production plan, adding 411,000 barrels per day from May, an unexpected decision that amplified the fall in crude prices, which already fell due to fears that American customs duties do not penalize.
Eight members of OPEC+, the group including the organization of oil exporting countries and its allies, had initially planned to increase their production by 135,000 barrels per day (BPJ) in May, but after a meeting held online on Thursday, they announced an increase of 411,000, citing “always solid market fundamentals and positive market prospects”.
“This includes the increase initially scheduled for May in addition to two monthly increases,” said the group.
Brent fell 5.58% to $ 70.77 per barrel and light American crude (West Texas Intermediate, WTI) lost 5.93% to $ 67.45. at 12:07 p.m. GMT.
(Written by Alex Lawler, Olesya Astakhova, Ahmad Ghaddar, Maha El Dahan and Dmitry Zhdannikov, Diana Mandia, edited by Augustin Turpin)
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