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Oil Prices Shoot amid Steady Oil Production by OPEC+ and Saudi Cutting Down on Production


Oil Prices Shoot amid Steady Oil Production by OPEC+ and Saudi Cutting Down on Production
Mar 5 2021 · 08:44 UTC | Updated
Mar 5 2021 · 09:03
by Bhushan Akolkar · 3 min read
Photo: Depositphotos
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While the OPEC countries are keen on keeping the production output for oil low, Russia, Iran, and UAE have hinted at boosting production during the same time. Saudi is keenly watching all the developments with detailed attention.
Global oil prices shot up on Thursday, March 4, after the OPEC+ countries said that they would keep the oil production steady throughout April. On the other hand, Saudi is firm on extending its voluntary oil production cut to one million barrels per day up to April end. ....

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Global oil prices fall over supply uncertainty; Brent reaches $62.63 per barrel


Global oil prices fall over supply uncertainty; Brent reaches $62.63 per barrel
Brent crude futures dipped 7 cents, or 0.1%, to $62.63 a barrel, down 7% from a 13-month high hit last week
Reuters | March 3, 2021 | Updated 10:24 IST
OPEC+ sources last week said an output increase of 500,000 barrels per day (bpd) looked possible without building inventories
Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.
US West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $59.57 a barrel by 0122 GMT, down 6% since Feb. 25, when they hit their highest close since May 2019. ....

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Oil prices rise on shut wells, refineries in Texas; WTI reaches $60.09 per barrel


Oil prices rise on shut wells, refineries in Texas; WTI reaches $60.09 per barrel
U.S. West Texas Intermediate (WTI) crude futures gained 62 cents, or about 1%, to $60.09 a barrel. WTI did not settle on Monday because of a U.S. federal holiday
Reuters | February 16, 2021 | Updated 11:30 IST
Oil prices rose on Tuesday as a cold front shut wells and refineries in Texas, the biggest crude producing state in the United States, the world s biggest oil producer. Prices also gained as Yemen s Iran-aligned Houthi group said it struck airports in Saudi Arabia with drones, raising supply concerns in the world s biggest oil exporter, and on optimism for a global economic recovery amid accelerated COVID-19 vaccine rollouts. ....

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