A decision by OPEC+ to cut production at the beginning of April aimed at supporting the stability of the oil market had led to oil price increases but recently prices have dropped as concern over the global economy and fuel demand outlook outweighed the prospect of tightening supplies...
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On April 24, Brent crude slipped 86 cents, or 1.1%, to $82.52 a barrel. West Texas Intermediate (WTI) crude was down 83 cents, or 1.1%, at $78.70. Both contracts fell more than 5% last week.
“The market has gone crazy. You are having less production supposedly and lower prices,” the Chairman of the Institute of Energy in South-East Europe Chairman, Costis Stambolis, told NE Global. “The reason this is happening is that although OPEC+ and Russia have announced lowering production this has not started taking hold yet. It will start taking hold from June onwards.”...
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https://www.neglobal.eu/oil-prices-drop-due-to-weak-economic-recovery-despite-opec-production-cut/
*Co-founder / Director of Energy & Climate Policy and Security at NE Global Media