On Thursday, April 1, the ministers of the oil exporting countries decided to revise the terms of the OPEC + deal.

As early as May 2021, the parties will begin to gradually increase production.

Russian Deputy Prime Minister Alexander Novak stated this following the talks.

“Today we made a decision to start recovery (of oil production. -

RT

) from May within three months.

Thus, we will reach the parameters that were established by the agreement.

If we talk about figures, in May the total increase by the OPEC + countries will amount to 350 thousand barrels per day, in June - the same figure, and in July - 441 thousand barrels per day, "Novak said on the air of the TV channel. Russia 24".

According to him, in February the parties fulfilled the terms of the agreement to cut production by 113%.

The value has become the maximum for the entire duration of the agreement.

As Novak stressed, this state of affairs "speaks of a high level of fulfillment by all countries of their obligations."

As a reminder, the states - participants of the OPEC + agreement restrict oil production in order to restore the balance between supply and demand in the world hydrocarbon market.

Such a policy should keep energy prices from sharp fluctuations.

In January 2021, states reduced oil production by a total of 7.2 million barrels per day compared to the level of October 2018.

From February to March, production under the contract dropped by almost 8 million barrels per day.

At the same time, Russia and Kazakhstan slightly increased production volumes (by 75 thousand barrels per day in total), and Saudi Arabia began to voluntarily reduce oil production by 1 million barrels per day.

As of April, the parties to the agreement left the terms of the deal practically unchanged.

Only Russia (by 130 thousand barrels per day) and Kazakhstan (by 20 thousand) received the opportunity to moderately increase production.

In general, the actions of the countries participating in the OPEC + deal had a positive effect on the world oil market: today, the global demand for energy resources exceeds the supply, Alexander Novak emphasized.

“Since our last conversation and thanks to our joint actions, the situation has improved.

The dynamics remain positive, the market deficit is now about 2 million barrels per day, which contributes to a decrease in reserves.

Today, this decline has already reached a significant level, ”TASS quotes the words of the Deputy Prime Minister.

Oil prices reacted with growth to the OPEC + decision to increase production.

In the course of evening trading on April 1, Brent crude on the ICE exchange in London rose in price by 3.5% - to $ 65.09 per barrel.

As Anna Bodrova, a senior analyst at the Alpari information and analytical center, explained to RT, investors were optimistic about the results of the negotiations.

“The situation with the pandemic in the world is still uncertain, and the market is not yet ready for an increase in oil supply.

Meanwhile, OPEC + is counting on the revival of the world economy in the second half of the year, which should lead to an increase in demand for energy.

Thus, by increasing production now, states are taking a step ahead of the curve, ”Bodrova explained.

According to Alexander Novak, in 2021 world oil demand may grow by 5-5.5 million barrels per day.

According to the Deputy Prime Minister, the active growth of fuel consumption in the world should begin in the summer.

“We are optimistic about the future, we still hope for the summer season.

Mobility should be increased, including in road transport and in air traffic, therefore, a more optimistic mood reigned at the meeting (OPEC +. -

RT

) than at the beginning of the year, "Novak added.

  • Alexander Novak

  • © Kremlin Pool / Global Look Press

The dynamics of global demand for oil will continue to largely depend on the state of affairs with the coronavirus in the world.

This opinion was expressed in a conversation with RT by Igor Galaktionov, an expert on the stock market "BCS World of Investments"

.

“In addition, such factors as the beginning of the season of high demand for fuel in the United States and the volume of American shale production may have an impact on oil prices.

First of all, the attention of the industry players will be focused on the growth rates of active drilling rigs in the States, ”Galaktionov noted.

In his opinion, under current conditions, the price of oil may fluctuate around $ 60-63 per barrel until the end of June.

In turn, Anna Zaitseva, analyst of the Finam Group of Companies, admits a wider range of prices.

As the expert suggested in an interview with RT, in the next three months, quotations may change in the range of $ 62-68 per barrel.