OPEC Cartel, Allies Face Decision on Increasing Output manufacturing.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from manufacturing.net Daily Mail and Mail on Sunday newspapers.
U.S. oil prices surged towards $65 a barrel Thursday as OPEC agreed to extend a pact on production cuts into the spring and the Energy Department reported a record decline in domestic crude stockpiles.
(Bloomberg) Oil traded near $61 a barrel as traders waited for a critical OPEC+ production-setting meeting later Thursday with no clear steer as to how much supply the cartel will bring back to a fast-tightening market.
West Texas Intermediate fell 0.4% after rising 2.
Saudi energy minister Prince Abdulaziz bin Salman has again staked out a hawkish position on OPEC+ cuts, urging the alliance not to allow euphoria over surging oil prices to erode production discipline amid a still evolving pandemic outlook. Saying that the producer group should “keep our powder dry and have a contingency in reserve to .
OPEC and its allies had been debating whether to restore as much as 1.5 million barrels a day of output in April. From trading houses in Geneva to Wall Street banks, much of the oil world was in agreement that global markets could use some more barrels to temper a rapid run-up in prices.