Barrels of oil amid Initiating a Voluntary Reduction in Oil Production
On May 1, numerous countries involved in the OPEC+ agreement commenced a voluntary cut in oil production. The reduction in production will persist until the end of 2023, resulting in a total decrease of 1.66 million barrels per day. Consequently, the prices of crude oil futures contracts have fallen to levels of $76.60 per barrel. It is possible that markets will remain subdued this week, with traders awaiting the outcome of the US Federal Reserve meeting on May 3rd. The Fed is highly anticipated to raise interest rates by 25 basis points.
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