The OPEC+ countries completed their regular meeting yesterday, where they decided to steadily increase oil production, starting from May 1. Cartel members and non-member states agreed to increase oil production in May by 350.000 barrels per day, in June – by 350.000 barrels per day and by about 400.000 barrels per day – in July.

The oil cartel expects that in the summer oil stocks in the OECD countries will return to their normal values and the market will be balanced. Insofar as OPEC+ will not sharply increase production, this is a positive signal for oil prices! I expect the quotes to be fixed at $65 per barrel for BRENT, which will have a positive influence on the value of the British currency, inasmuch as assets are historically correlated with each other.

Investment idea: Buy 1.3805/1.3785 and take profit 1.3855.