Credit Agricole Bank: Uncertainty in the OPEC+ production increase impacts the outlook for oil prices.

Aldo Spanjer, head of energy strategy at BNP Paribas, said that the increasing uncertainty surrounding OPEC+ June production increases and concerns about the organization's unity are bringing significant downside risks to the oil market. With reports that Kazakhstan may prioritize national interests over complying with production quotas, BNP Paribas predicts that Kazakhstan will not cut production to offset oversupply. This could also lead to a significant increase in supply for OPEC+ in June, resulting in a softening market in the near term. This is the biggest bearish factor in the market, with increasing risks to OPEC+ unity. BNP Paribas forecasts that Brent crude oil prices will reach highs of $60 per barrel in the second quarter and $70 per barrel in the third quarter. By the end of the year, the international benchmark oil price is expected to average around $65 per barrel.