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Home Markets Commodities

OPEC+ agrees to keep Oil output unchanged, Oil up 4%

Olumide Adesina by Olumide Adesina
March 4, 2021
in Commodities, Markets
Oil price decline is driven by poor market

OPEC

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Oil prices were all fired up at Thursday’s trading session, amid reports revealing OPEC+ agreed to Keep oil output unchanged in April.

What you should know: At the time of writing the report, Brent Crude was up more than 4% trading around $67 a barrel.

#Oil jumps 5% as OPEC+ said to agree to keep output unchanged. pic.twitter.com/Xkio8xvR7N

— Holger Zschaepitz (@Schuldensuehner) March 4, 2021

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OPEC, Russia, and other oil producers on Thursday agreed to keep the status quo unchanged thereby pushing oil past its highest level since January 2020.

This is coming as a big win for the Saudis, which of late has been bent on keeping oil output in check.

Sequel to this landmark feat on keeping oil supply squeezed, OPEC+ had been debating and considering if it was ideal to restore as much as 1.5 million barrels a day of output.

However, the Oil Sherrif in the person of Saudi’s Energy Minister Prince Abdulaziz bin Salman urged other leading oil producers in keeping the status quo with the exception of slight increases granted to the Russians and Kazakhstan.

 


Follow us for Breaking News and Market Intelligence.
Tags: Brent CrudeOPECRussia
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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