The OPEC members signed an agreement to increase the yield

Oil ministers from OPEC+ have agreed to boost oil production by signing an agreement to increase by 1m euros. barrels per day. However, the actual increase will be up to 800,000 barrels per day as part of OPEC countries do not have the technical opportunity to increase yields.

Saudi Energy Minister Khalid al-Falih said in the morning that no one should expect “immediate floods” of oil and a collapse in prices.

It seems that the traders are also of the opinion. The price rose by nearly 2% to over $67 a barrel. In the medium term, I expect black gold to stay at $65- $70 a barrel.

Source: Reuters

 Trader Petar Milanov

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