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According to CNBC website news on March 31: After OPEC and its allies lowered their expectations for demand growth in 2021, concerns about market recovery caused oil prices to fall on Wednesday
.
The price of May Brent crude oil due on Wednesday fell 32 cents to $63.
82 per barrel, a decrease of 0.
5%
.
The more active June Brent crude oil contract price fell by 30 cents to close at $63.
US West Texas Intermediate (WTI) crude oil futures fell 28 cents to 60.
27 US dollars a barrel, a 0.
5% decline
.
An OPEC expert group meeting report showed that the organization has reduced its oil demand growth forecast for this year by 300,000 barrels per day
.
OPEC will hold a meeting on Thursday to determine production policy
.
Commerzbank analyst Eugen Weinberg said: “Given this pessimistic outlook, the production quota seems likely to be maintained for another month
.
”
OPEC+ is currently cutting its daily output by more than 7 million barrels to support oil prices and reduce oversupply
.
Saudi Arabia added another 1 million barrels/day of output reduction
Rystad Energy analyst Louise Dickson said: “Today the oil market is still speculating on what supply policy OPEC+ will formulate at tomorrow’s meeting, but the Brent crude oil price of $64 per barrel shows that traders expect the organization to take a cautious approach Practice
.
"
Kuwait’s Oil Minister Mohammad Abdulatif al-Fares expressed “cautiously optimistic” that as the new crown virus vaccination plan accelerates and industrial output resumes, global oil demand will improve
