Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday.
1 April 2021 (Last Updated April 1st, 2021 10:12)
Crude oil prices have witnessed a surge in hope that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in the upcoming meeting would extend output constraint amid a resurgence in Covid-19 infections globally.
OPEC+ is anticipated to continue production cuts. Credit: Leo Dalitte / Unsplash.
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Crude oil prices have witnessed a surge in hope that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in the upcoming meeting would extend output constraint amid a resurgence in Covid-19 infections globally.
Brent crude for June delivery rose by $0.31, or 0.5%, to reach $63.05 a barrel while the US oil increased by $0.38, or 0.6%, to settle at $59.54 a barrel, reported Reuters.
Proposed OPEC meeting pushes oil prices downward today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
(Updates prices)
TOKYO, April 1 (Reuters) - Crude prices rose on Thursday, recouping some of the previous session’s losses as hopes grew that OPEC and its allies later on Thursday would decide to keep curtailing production in place in the face of resurgent COVID-19 infections in some regions.
Brent crude for June delivery was up by 71 cents, or 1.1%, at $63.45 a barrel by 0326 GMT after falling 2.2% overnight. U.S. oil was up 71 cents, or 1.2%, at $59.87 a barrel, having dropped 2.3% on Wednesday.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia and Kazakhstan, a group called OPEC+, meet later on Thursday to consider options that include an output roll-over and a gradual output increase.
UPDATE 4-OPEC+ debates whether to ease oil output cuts, as U.S. resumes energy calls to Saudi Reuters 5 hrs ago U.S. energy secretary, Saudi energy minister hold call
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By Alex Lawler, Rania El Gamal and Vladimir Soldatkin
LONDON/DUBAI/MOSCOW, April 1 (Reuters) - OPEC+ debated on Thursday whether to keep deep oil output cuts in place or ease them after the new U.S. administration resumed Donald Trump s practice of calling OPEC leader Saudi Arabia over policy and said energy should be kept affordable.