Oil rallies after OPEC+ decision to gradually increase production texasguardian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from texasguardian.com Daily Mail and Mail on Sunday newspapers.
OPEC+ Shows Confidence in Economic Recovery With Oil-Supply Hike
Bloomberg 4/1/2021 Salma El Wardany, Javier Blas, Dina Khrennikova and Grant Smith
(Bloomberg) OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.
Popular Searches
Before Thursday’s meeting, the cartel had been widely expected to maintain its cautious stance by rolling over the current supply cuts, just as it did last month. Yet Saudi Arabia and its allies showed they are more convinced now that fuel demand is on a firmer footing after a yearlong beating from the coronavirus.
As countries like the U.S. rapidly expand their vaccination programs, there are growing signals that the oil market is healing. Last week, American refiners processed the most crude since the pandemic started as they prepared for a surge in driving and flying.
UPDATE 4-OPEC+ debates whether to ease oil output cuts, as U.S. resumes energy calls to Saudi Reuters 5 hrs ago U.S. energy secretary, Saudi energy minister hold call
Popular Searches Saudi opens talks with call for cautious stance (Updates with start of OPEC+ meeting)
By Alex Lawler, Rania El Gamal and Vladimir Soldatkin
LONDON/DUBAI/MOSCOW, April 1 (Reuters) - OPEC+ debated on Thursday whether to keep deep oil output cuts in place or ease them after the new U.S. administration resumed Donald Trump s practice of calling OPEC leader Saudi Arabia over policy and said energy should be kept affordable.
OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable, mirroring Donald Trump's practice of calling OPEC's leader over oil policy.
Oil prices rose on Thursday on optimism about U.S and European economic recoveries and expectations OPEC and its allies will keep production curbs in place.