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Sputnik International
By Rania El Gamal and Olesya Astakhova DUBAI/MOSCOW (Reuters) - OPEC and its allies agreed to extend most oil output cuts into April, offering small exemptions to Russia and Kazakhstan, after deciding that the demand recovery from the coronavirus pandemic was still fragile despite a recent oil price rally. OPEC s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day (bpd), and would decide in coming months when to gradually phase it out. The news pushed oil prices back towards their highest levels in more than a year with Brent trading up 5% above $67 a barrel as the market had expected OPEC+ to release more barrels. [O/R]
Oil headed toward $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.
Canadian Dollar Climbs On Rising Oil Prices After OPEC Decision
Crude for April delivery rose $0.96 to $64.79 per barrel.
During a virtual gathering on Thursday, the OPEC+ decided to maintain the current supply cuts for April amid fears that coronavirus restrictions could hurt demand.
Saudi Arabia will retain its 1 million barrel-a-day voluntary production cut in order to support crude prices.
Saudi Energy Minister Prince Abdulaziz bin Salman cautioned about raising production, but said that cuts will be withdrawn over the next few months depending upon the market conditions.
Non-OPEC countries such as Russia and Kazakstan were allowed to make modest increases.