Bloomberg News, Bloomberg News Abdulaziz bin Salman, Saudi Arabia s energy minister, walks between sessions on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 23, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 - 24. , Bloomberg
(Bloomberg) The surprise move by OPEC+ to maintain oil supply restrictions through April, coupled with Saudi Arabiaâs decision to extend voluntary curbs, has stunned the global energy market. Prices surged again on Friday, with West Texas Intermediate topping $65 a barrel, and Brent climbing above $68.
Hereâs what leading analysts make of the bold move.
OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb
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Aramco Cuts April Oil Pricing to Mediterranean on OPEC+ Caution
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Saudi Arabia tells OPEC+ to ‘keep powder dry’ on output
Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month. by Bloomberg
Updated: 05/03/2021, 7:56 am
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Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month.
The comments were the latest signal that the kingdom the leader of the group alongside Russia still prefers to keep a tight restraint on oil output as the market gradually emerges from the coronavirus pandemic. Brent crude jumped as much as 2.3% to $65.52 a barrel.