Oil surged to the highest in nearly two years after the OPEC+ alliance surprised traders with its decision to keep output unchanged, signaling a tighter crude market in the months ahead.
Moscow [Russia], March 4 (ANI/Sputnik): The situation on the global oil market has undoubtedly improved in the last two months, while OPEC+ states have shown a high level of compliance with the oil production cuts, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Thursday.
(Bloomberg) 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.“At the risk of sounding like a stuck record, I would once again urge caution and vigilance,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the opening of the OPEC+ video conference on Thursday. “Before we take our next step forward, let us be certain the glimmer we see ahead is not the headlight of an oncoming express train.”The Organization of Petroleum Exporting Countries and its allies have kept oil-watchers guessing about their next move in the buildup to the meeting. Preliminary talks on Wednesday offered few c
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.
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