The infamous Brent has been holding large rallies since March before the Opec + election

Brent crude climbed to the top of the $ 70 barrel as Opec and its allies were selected to decide whether to release more barrels in the tight oil market or suspend yields due to the uncertainty surrounding the outbreak.

Global oil prices rose by more than 2% to $ 70.69 a barrel Tuesday morning in London, the highest point since March, ahead of a summit at the end of Opec + manufacturers’ day, led by Saudi Arabia and Russia.

Representatives of the Opec and electronics agencies have noted that the reduction in beverages, which was caused by governments imposing restrictions and restrictions on travel last year, is expected to change later in 2021.

Mohammad Sanusi Barkindo, Opec general secretary, on Monday said: “There are a number of factors affecting the oil market around the world, such as the number of changes in the epidemic.”

A number of Opec delegates said they expected the cabinet, throughout their meeting, to continue with their earlier agreement to release less oil to the market from July, at a rate of 2m barrels per day from May.

Following a meeting of technical experts from industrialized countries, it was confirmed that the oil reserves at the end of next month will be less than 2015-2019, leading to a more lucrative approach.

Manufacturers meet on a monthly basis to make a decision on oil regulations. It is unclear what their views may be at the end of July, but the group needs to focus on the effects of the economic downturn and the progress and economic growth of the epidemic.

Last year Opec and Russia launched a 9.7mb / d record, which they began releasing slowly as travel and cities opened after a few months of closure. Starting in July, the curbs will stand below 6m b / d.

“The market is now facing some of the real challenges of April 2020. Instead of slowing down they want to be afraid. Energy.

However, uncertainties remain. India, the largest oil producer, is in the midst of a new and more serious crisis of the virus and all eyes are on the return of Iranian barrels to the market if a deal is reached with the US to lift sanctions.

Tamas Varga, a researcher at PVM oil retailers, said the group should be wary of what investors should expect from rising prices and how the market could drive an increase in offerings.

“The main concern is that retailer and consumer prices will force central banks to reduce their costs and ultimately increase interest rates because the economy is heating up,” Varga said.

“As a result, I will leave the July agreement at 38.1mb / d unchanged in August or September and see if the market can absorb more Iranian barrels.”