The price of a barrel of Brent at auction on the evening of April 14 fell below $ 30.
As noted by Bloomberg, oil is cheaper on investors ‘ fears that the recovery of economic activity in China against the background of a lockdown in Western countries will not be enough to maintain market demand, despite the recent OPEC+ agreement to reduce production.
The price of Brent, which fell to about $ 25 per barrel at the end of March, jumped sharply in early April amid rumors of a renewal of the OPEC + deal and has since held steady at $ 31-33 per barrel.
The OPEC+ restriction agreement was officially signed on April 12, and its participants agreed to reduce production by 9.7 million barrels per day. Besides, the US, Brazil, and Canada will reduce production by 3.7 million.