Email
Print 
Bookmark
Oil prices rallied midday Thursday (3/4) on news that OPEC+ has likely decided against raising production in April, according to multiple reports.
The cartel signaled that it will extend the current caps until May 2021 at the earliest. The existing cuts prevent an additional 9.2 million barrels per day from flowing into the market.
The members cited ongoing demand uncertainty related to the COVID-19 pandemic as the reason for the extension.
Oil Rallies on News
As a result of the decision, WTI prices shot up by 5% (over $3.00) to $64.06.
Meanwhile, Brent prices enjoyed a gain of 4.6% (or $2.90).
Related Categories :
Geopolitics
More Geopolitics News
-
Venezuela: Rebuild Potential vs. Stop/Start Reality — What It Means for International OFS
-
OPEC+ Nudges Supply Higher: Why This Weekend’s Hike Echoes 2020—But Isn’t 2020
-
Chairman of Russia's Lukoil Dead After 'Fall from Hospital Window'
-
Biden to Release One Million BPD from Reserves for Six Months; Push for Federal Leasehold Production
-
Energy Firms Exit Russian Projects En Masse, Citing Ukraine Invasion (Updated 3/4/22)
International News >>>
-
A Quiet Capital Pattern Is Forming in North American Upstream — and Almost No One Is Talking About It -
-
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
-
New E&P Scores Capital; Heading To the MidCon Region -
-
2025 Forecast : Dangerous Time Ahead -
-
Petrus Resources Ltd. First Quarter 2023 Results
4.jpg&new_width=60&new_height=60&imgsize=false)
5.jpg&new_width=60&new_height=60&imgsize=false)
