The price of oil fell six percent on Tuesday. This, too, seems to be why the OPEC+ countries will now not seek to increase production. The Energy Minister of the United Arab Emirates also hinted at this.
“I don’t think there is any idea of supplying more oil than the market can handle,” UAE Energy Minister Suhail al-Mazrouei said in an interview with Forbes magazine. He hinted at the direction in which OPEC+ talks are likely to take place at the upcoming meeting scheduled for April 1.
The price of Brent crude oil fell about six percent on Tuesday, just defending the $60 mark. Yet until two weeks ago, the barrel was trading at nearly $70. Oil is now the cheapest in a month. Since the beginning of the year, however, its price has risen by more than 17 percent, but recently oil has been crushed by fears of worsening epidemic numbers.
In many European countries in particular, daily numbers of new infections are increasing again, which would also lead to longer lockdowns and thus a deterioration in expectations of a possible economic recovery. According to some analysts’ estimates, oil has already reached its price cap this year, to which it will occasionally return.