Oil market instability persisted despite the announcement, at the end of May,
For an additional extension of 8 months from the end of June 2017 of the supply reduction agreement between the
OPEC countries and between these and some non-members (in this case, with particular emphasis on Russia and Mexico).
The factors behind this loose behavior of the oil market remain
Doubts as to the strictness with which the agreement to reduce production is applied by some acceding countries
(OPEC rather than OPEC), as well as the growth rate of oil production outside OPEC,
Especially in the USA, extracted from unconventional sources.
In the absence of political or economic developments that alter this context, it seems unlikely that
That the oil market will change significantly throughout the year, prices
Similar to those observed so far, around USD 50 / barrel (Brent).
