<div class="at-above-post addthis tool" data-url="https://www.metro.us/oil-rises-as-opec-2/"></div>NEW YORK (Reuters) – Oil prices surged up 3% on Thursday after news that OPEC+ reached a deal to gradually ease production cuts from May. Brent crude rose $1.94, or 3.1%, to $64.68 a barrel by 1:25 p.m. EST (1825 GMT). U.S. oil was up $2.10, or 3.6%, at $61.26 a barrel. OPEC+, which comprises […]<! AddThis Advanced Settings above via filter on get the excerpt ><! AddThis Advanced Settings below via filter on get the excerpt ><! AddThis Advanced Settings generic via filter on get the excerpt ><! AddThis Share Buttons above via filter on get the excerpt ><! AddThis Share Buttons below via filter on get the excerpt ><div class="at-below-post addthis tool" data-url="https://www.metro.us/oil-rises-as-opec-2/"></div><! AddThis Share Buttons generic via filter on get the excer
Saudi minister urges caution on oil production levels
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Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, Sunday, March 21, 2021. Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets. (AP Photo/Amr Nabil)
FRANKFURT – Saudi Arabia’s energy minister took a cautious view of any increase in oil production as members of the OPEC cartel met Thursday with allied non-member countries to decide production levels.
Speaking ahead of the meeting, Abulaziz bin Salman said the approach taken at the alliance’s gathering last month to leave production levels largely unchanged had been correct, given the ongoing uncertainty about the course of the COVID-19 pandemic.
David McHugh
Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, Sunday, March 21, 2021. Saudi ArabiaâÄôs state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets. (AP Photo/Amr Nabil) April 01, 2021 - 8:34 AM
FRANKFURT - Saudi Arabia s energy minister took a cautious view of any increase in oil production as members of the OPEC cartel met Thursday with allied non-member countries to decide production levels.
Speaking ahead of the meeting, Abulaziz bin Salman said the approach taken at the alliance s gathering last month to leave production levels largely unchanged had been correct, given the ongoing uncertainty about the course of the COVID-19 pandemic.
OPEC agrees to slowly increase oil production on Covid recovery bet By Salma El Wardany, Javier Blas, Dina Khrennikova and Grant Smith on 4/1/2021
Russian Deputy Prime Minister Alexander Novak
(Bloomberg) OPEC+ agreed to increase oil production gradually in the coming months, making a cautious bet on a summer economic rebound as the world recovers from Covid-19.
Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic.
OPEC+ shows confidence in economic recovery with oil-supply hike bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.