The surprise move by OPEC+ to maintain oil supply restrictions through April, coupled with Saudi Arabia’s 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.
Major oil sands producers in Western Canada will idle almost half a million barrels a day of production next month, helping tighten global supplies as oil .
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Oil Futures Settle Sharply Higher For The Day, Gain Over 7% In Week
WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Friday, extending recent gains, reacting to the decision of the Organization of the Petroleum Exporting Countries and its allies to maintain output reduction agreement through end of April.
Saudi Arabia said it will retain its 1 million barrel-a-day voluntary production cut in order to support crude prices. Saudi Energy Minister Prince Abdulaziz bin Salman, who cautioned about raising production, said cuts will be withdrawn over the next few months depending upon the market conditions.
West Texas Intermediate Crude oil futures for April ended higher by $2.26 or about 3.5% at $66.09 a barrel, the highest settlement since June 2019.