Driven by the agreement reached by the members of OPEC+ on a gradual increase in their production of black gold from January, oil is now at its highest since the beginning of March.

Oil is at the party! After the agreement reached by the members of OPEC + on a gradual increase in their production from 2021, the price of black gold rose to its highest since the beginning of March. The barrel of Brent from the North Sea gained 1.09%, to 49.24 dollars. WTI gained 1.01% to $46.10. "The oil markets have reason to be happy" with the agreement reached the day before by OPEC +, reacted Han Tan, an analyst at FXTM. The group of thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) plus ten producer allies (including Russia), identified by the acronym OPEC+, finally agreed on Thursday to "progressively restore" to the market the roughly 2 million barrels a day forecast for early next year, starting with 500,000 barrels a day in January, after four days of tough negotiations.

This decision therefore increases the volume of crude oil voluntarily withdrawn from the market by the alliance from 7.7 mbd to 7.2 mbd on January 1 and amends the previous agreement torn off in April, which provided for a higher step at 5, 8 mbd, deemed by far too substantial given a market still depressed by the Covid-19 pandemic. This agreement, "more digestible for the world economy, which is still trying to recover from the pandemic", underlined Han Tan, allows the two reference prices to return to comparable prices at the beginning of March of this year.