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OPEC+ reaches deal to raise output from May OPEC+ still has deep production cuts in place New pandemic waves create uncertain demand outlook
NEW YORK, April 1 (Reuters) : Oil prices settled up more than $2 despite news that OPEC+ reached a deal to gradually ease production cuts from May.
Brent crude settled up $2.12, or 3.4%, to $64.86 a barrel. U.S. oil settled up $2.29, or 3.9%, at $61.45 a barrel.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries, Russia and other allied producers, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.
by Bloomberg
|Friday, April 02, 2021
OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.
(Bloomberg) OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.
Before Thursday’s meeting, the cartel had been widely expected to maintain its cautious stance by rolling over the current supply cuts, just as it did last month. Yet Saudi Arabia and its allies showed they are more convinced now that fuel demand is on a firmer footing after a yearlong beating from the coronavirus.
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The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.
Saudi Arabia said that it will begin curbing its voluntary output cuts in May.
The meeting comes shortly after the Suez Canal reopened to traffic and as the coronavirus continues to spread worldwide, with French President Emmanuel Macron ordering the country into its third national lockdown to alleviate some of the pressure on hospitals.
The ongoing coronavirus crisis continues to cloud the demand outlook and analysts expect this to reaffirm Saudi Arabia s caution about the global economic recovery.