Oil prices jump after the extension of the production cut was introduced to the OPEC + table


Three OPEC + sources said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC +, are considering extending oil production cuts from March to April instead of increasing production due to the fragility of crude markets and the recovery of the global economy.

The sources added that OPEC + puts an extension of the oil production cut among other options at a meeting to be held on Thursday.The major producers within OPEC and its allies will meet tomorrow, Thursday, to determine the market conditions, with a focus on both sides of supply and demand, to ensure the continuation of balance in the market after the group, led by Saudi Arabia, succeeded in restoring calm and balance to the market by reducing global supply by 10% earlier last year .

In trading today, Wednesday, West Texas Intermediate crude futures rose 15 cents, equivalent to 0.25%, to $ 59.90 a barrel, recovering after suffering losses for three days.

Brent crude futures rose 24 cents, equivalent to 0.38%, to $ 62.94 a barrel after incurring losses for four days.The cold wave that hit Texas is causing oil prices to take an upward path in recent times, with its consolidation above $ 60 a barrel, which analysts also see as a major player in the decision of the next OPEC + meeting.

Some analysts believe that the continued OPEC + production cuts may represent a factor to support the upward trend in crude prices during 2021.


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