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Oil prices fell as the outbreak in China sparked demand concerns. When U.S. stocks refreshed the daily low in early trading, U.S. WTI crude oil fell to $104.5, down more than 8.25% on the day; Brent crude oil approached $111, down more than 7.9% on the day. As of press time, WTI crude oil futures fell 1.02% to $104.88 a barrel.
In addition, OPEC+ will meet on Thursday to discuss supply in May. The group has said it will stick to existing policies and approve another modest increase in production. In the absence of any changes, OPEC+ is expected to approve a production increase of 430,000 bpd in May.
Still, the oil market could tighten further as many OPEC+ members have struggled to meet their planned output increases over the past few months and global demand is rebounding from the pandemic.
The ongoing conflict between Russia and Ukraine has seriously affected the crude oil market, and the market is highly concerned about OPEC+’s actions to increase production. UAE Energy Minister Suhail Al-Mazrouei told a meeting in Dubai on Monday that OPEC+ will not add more resources if the market is balanced with supply and demand and resources are on the market. OPEC+ is not looking at whether the drop in Russian oil exports is causing imbalances.
The UAE also said that its partnership with Russia remained strong. “Russia is an important member of OPEC+ and is likely to remain in OPEC+, an alliance we need.”
After the outbreak of the Russia-Ukraine conflict, the United States and Europe and other Western countries continued to increase sanctions on Russia, and Russia’s crude oil exports fell to the lowest in eight months. The International Energy Agency (IEA) pessimistically predicted in its first monthly oil report after the Russian-Ukrainian conflict that the oil market is facing the largest supply crisis in decades, and the global oil supply may experience a shortfall of 700,000 barrels per day in the second quarter of this year, which will Forcing developed countries to further deplete oil inventories, already at their lowest levels since 2014.
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