Oil began a week with a decline due to OPEC +, production growth in the US

SINGAPORE, May 28 (Reuters) – Oil prices are declining on Monday morning because of the readiness of Saudi Arabia and Russia to weaken their commitments to limit raw materials production within the OPEC + pact.

By 8.45 Moscow time, futures for the North Sea blend Brent dropped by 1.65 percent to $ 75.18 per barrel.

Futures contracts for US light crude WTI traded at $ 66.23 per barrel, which is 2.43 percent lower than the previous close.

The price of the September contract for oil on the Shanghai International Energy Exchange (INE) was held at 459.0 yuan per barrel in the morning.

In late 2016, Russia and several other oil-producing countries agreed with OPEC to reduce oil production by about 1.8 million barrels per day.

Sources said on Friday that Reuters was discussing the possibility of raising the total quota by 1 million barrels per day.

Among other factors of pressure on quotations analysts name steady growth of oil production in the USA.

According to the Energy Information Administration (EIA), the production of raw materials in the US over the past two years has increased by more than 27 percent to 10.73 million barrels per day.