Drop in US crude oil inventories caused by wildfires in Canada led to an increase of Brent oil price above USD 50. Another incident, which is pushing the oil price up, was an attack of militants on Chevron oil facility in Nigeria, biggest oil exporter in Africa.
Iran plans to maintain current high production. It can, therefore, be expected that the oil price will drop again. In April, OPEC member countries and other oil producers (e.g. Russia) met in Doha to discuss possible reduction of oil production. No deal was, however, made. OPEC members, therefore, plan to meet again in Vienna.
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