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Brent oil price falls below $30 despite OPEC+ deal

14 April 2020 19:54 (UTC +04:00)

Brent oil prices fell by 5.5 percent on Tuesday - the lowest price in more than a week despite the recently concluded OPEC+ deal, APA reports citing Sputnik.

On Sunday, OPEC+ signed a landmark deal that commits member nations to reduce crude oil production by 9.7 million barrels per day in May and June. Thereafter, production will be cut by 7.7 million barrels per day until the end of 2020, and by 5.8 million barrels daily from January 2021 until April 2022.

Earlier in the day, Russia’s Gazprom Neft CEO Alexander Dyukov said that the recently concluded OPEC+ deal could increase oil prices to between $40 and $45 a barrel if the international community manages to curb the COVID-19 outbreak.