• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 11 minutes Forecasts for oil stocks.
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 7 hours China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 9 hours California breaks 1 GW energy storage milestone
  • 2 days Colonial pipeline hack
  • 2 days Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 15 hours Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 3 days Survival of Oil and Gas industry.
US Oil Prices Soar To 6-Year High In OPEC Standoff

US Oil Prices Soar To 6-Year High In OPEC Standoff

The U.S. benchmark oil price…

Oil Price Plunge Continues Amid OPEC+ Deadlock

Oil Price Plunge Continues Amid OPEC+ Deadlock

Oil prices continued falling early…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Rally Continues As OPEC+ Leaves Production Levels Unchanged

Oil prices extended Thursday’s 5-percent gain into Friday, with both benchmarks rallying by another 3 percent on Friday morning in the wake of the OPEC+ decision to leave production levels unchanged through April.  

As of 9:38 a.m. ET on Friday, WTI Crude had jumped above the $65 a barrel mark with prices up by 3.04% at $65.78. Brent Crude was approaching $69 per barrel, with prices up 3.24% on the day at $68.90.

Oil prices continued to rally on Friday, following the 5-percent surge from Thursday as a reaction to the unexpected decision of the OPEC+ group to extend the current level of cuts in April, contrary to market expectations.

On Thursday, the OPEC+ alliance decided to keep their collective oil production unchanged in April, with the exception of Russia boosting output by 130,000 bpd and Kazakhstan by 20,000 bpd. 

Saudi Arabia will also keep its extra 1-million-bpd cut through April, the group decided in a move that surprised the market, which had largely expected an increase in OPEC+ production levels and the Saudis reversing the additional cut.

“OPEC+ decided to tighten the oil market further by deferring a planned production increase, basically gambling that US shale producers are more focused on dividends than increasing production,” Saxo Bank said on Friday, commenting on the oil price moves.

Most publicly-traded U.S. shale firms continue to vow strict capital discipline, but there is a group of shale producers – smaller privately held firms – who could spoil the OPEC+ plans for oil market management again, producing more than the market and forecasters currently expect.

The OPEC+ surprise is also seen by Goldman Sachs as a clear sign that the group is pursuing a tight oil market strategy. Following the rollover of the OPEC+ cuts into April, Goldman lifted its Q2 and Q3 oil price forecasts, expecting Brent to hit $80 a barrel in the third quarter this year.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Matk on March 05 2021 said:
    So the new definition of price gouging is a rally. Wth the world still in a storage glut and demand still low, gas prices are rising, why?

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News