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- WTI experiences a significant drop, approaching $62.00, amid expectations that OPEC+ will likely triple oil output increases starting in May.
- Kazakhstan has indicated that production limits are affecting its oil operations.
- China refutes claims of ongoing trade discussions with the United States.
West Texas Intermediate (WTI) futures, traded on the NYMEX exchange, have decreased by more than 1%, nearing $62.00 during Friday’s European trading session. The price of oil is declining towards the lower boundary of its weekly trading range as market participants begin to factor in the potential effects of a considerable production boost by OPEC+ nations in the immediate future.
Recent reports suggesting a larger-than-anticipated rise in oil production have put downward pressure on prices. Reuters reports indicate that OPEC+ will raise its output by 411,000 barrels per day (bpd) beginning in May, a threefold increase compared to the initially planned 138,000 bpd.
Remarks from certain OPEC+ members, including Kazakhstan, highlighting the detrimental effects of underutilized capacity on their oil fields, suggest a prioritization of their respective national interests.
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