The price of a barrel of American WTI fell by 3.8%, while the barrel of Brent lost 3.5%, in reaction to the announcements made last Saturday by OPEC+.
Oil prices have dropped again on Monday, May 5, more than 3%, weighed down by the OPEC+ announcement of an acceleration of production for the month of June, at a time when prices are already very low.
In the morning exchanges in Asia around 3 a.m., the barrel of American WTI plumped from 3.8% to 56.08 dollars, when that of Brent of the North Sea lost 3.5% to 59.17 dollars.
On Saturday, eight OPEC+ member countries declared that they would emerge from the ground 411,000 barrels/day in June, as much as in May while the initial reintroduction plan provided only 137,000 additional barrels.
And this as the prices unscrew, weighted by fears around a global recession that could cause the trade war initiated by US President Donald Trump.
Prices already very low
“After the signal of last month, the (Saturday) decision sends a clear message: the group changes its strategy and seeks to regain market share after years of cuts,” said Jorge Leon, of Rystad Energy.
“OPEC+ launched a bomb on the oil market,” summarizes the analyst.
The members of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia and their allies led by Moscow, made an agreement called OPEC+ in 2016 to better weigh on the market.
These 22 countries, mostly very dependent on the oil windfall, played until recently on the scarcity of the offer to boost prices, keeping in reserve millions of barrels.
