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Published on: Saturday, April 03, 2021
By: AFP
The Opec+ nations decided to gradually increase output.
LONDON: Oil producing countries grouped together under the Opec+ alliance led by Saudi Arabia and Russia agreed Thursday to only limited output increases as of next month.
Crude prices shot higher after the announcement, with the main international contract, Brent, rising 1.8 per cent to $63.84, while the US contract WTI jumped 2.1 per cent to 60.39.
In a statement issued after the meeting, the ministers noted “improvements in the market supported by global vaccination programmes and stimulus packages in key economies”.
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However, they also noted “the volatility observed in recent weeks warrants a continued cautious and vigilant approach in monitoring market developments.”
OPEC+ Expected To Stay Cautious In Face Of Market Jitters
03/31/21 AT 11:23 PM
Oil producing countries grouped together under the OPEC+ alliance led by Saudi Arabia and Russia are expected to agree an extension to their current output cuts at a meeting on Thursday.
Their third ministerial meeting of 2021 will be held via videoconference and is scheduled to start at 1200 GMT. The producer alliance is virtually guaranteed to extend current oil cuts into May, according to Stephen Brennock of PVM, reflecting a widespread view among analysts. It may even go a step further and prolong supply curbs into June, he added, with the possibility that Russia and Kazakhstan may be given some small leeway to increase output as happened earlier in the year.
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