Oil jumps above $70 after Saudi Arabian crude terminal attacked
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Yemen s Houthi rebels said they struck a Saudi oil facility in the port city of Jiddah on Thursday
(AP)
. Updated: 08 Mar 2021, 05:19 AM IST Bloomberg
Oil climbed last week after Saudi Arabia and OPEC+ made a surprise pledge to maintain output steady in April, accelerating a rally this year that has seen prices surge more than 35%
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Oil surged above $70 a barrel in early Asian trading after Saudi Arabia said an energy facility was attacked, with prices extending gains after OPEC+ last week said it would keep production steady.
Updated Jan 02, 2021 | 10:14 IST
The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia. New Year OPEC+ meeting to decide production levels (File photo) | Photo Credit: Getty
Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year.
The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia.
Despite a pick up in prices towards the end of last year, the market levels for black gold remain uncertain.