The price of Brent crude rose above $68 per barrel for the first time since January 2020. As of 11:00, the price of May futures for Brent oil on London s ICE Futures Exchange amounted to $68.04 per barrel, which was $1.3 (1.95%) higher than the price of the previous session, Interfax reports.
The price of WTI crude oil futures for April in electronic trading of the New York Mercantile Exchange (NYMEX) reached $64.92 per barrel, which was $1.09 (1.71%) higher than the level at the close of the market on Thursday.
OPEC+ allows Russia and Kazakhstan to increase production
The ministers of OPEC+ countries, unexpectedly for the market, refused to increase oil production in April by 500,000 barrels per day. In addition, Saudi Arabia extended its own voluntary restrictions of 1 million barrels per day for another month and promised to return those volumes to the market when appropriate. Russia and Kazakhstan were exempt from the rule again and can thus increase production from April.
By Emmanuel Addeh
The Organisation of Petroleum Exporting Countries (OPEC) remained upbeat yesterday, saying the the oil market’s outlook continues to be generally positive as the headwinds of uncertainty from last year continue to abate.
Secretary General of the group, Dr Sanusi Barkindo, speaking during the opening of the 49th Meeting of the Joint Technical Committee (JTC), held via videoconference, stated that positive global economic developments and resilient demand in Asia were encouraging global oil market stability.
He highlighted that the meeting would set the stage for a busy week of negotiations, the outcomes of which he said will have a lasting influence on the crude oil markets in the months to come.
OPEC+ ministers will try to bridge their philosophical differences on how to manage the oil market’s pandemic recovery when they meet March 4, as a key advisory committee issued no recommendation on April output levels. Delegates said OPEC kingpin Saudi Arabia continues to urge the producer coalition to be conservative and limit any rise in .
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