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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. 

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Oil Soars As OPEC+ Sources Suggest No Production Increase

The U.S. oil benchmark, WTI Crude, jumped early on Thursday to above $64 a barrel, soaring by more than 5 percent, after OPEC+ sources began telling reporters that the coalition may be close to agreeing not to increase their collective oil production in April.

WTI Crude prices were surging by 5.06% at $64.21 as of 11:18 a.m. ET on Thursday. Brent Crude prices jumped above $67 per barrel, to $67.17, up by 5.10%, after OPEC+ sources started to leak insights from the ongoing OPEC+ ministerial meeting.  

According to delegates, the discussion is now about a rollover of production for all members except for Russia and Kazakhstan, “which will be allowed to boost output by 130k and 20k respectively,” Amena Bakr, Deputy Bureau Chief  & Chief Opec Correspondent at Energy Intelligence, tweeted.

Saudi Arabia, OPEC’s top producer and de facto leader, is proposing a rollover of the current level of cuts into April and May, according to various reports. In addition, Saudi Arabia will be keeping its additional 1 million barrels per day (bpd) production cut in April, too. That extra cut was initially planned to last only in February and March.

Russia, as well as Kazakhstan, were pushing for an increase in the collective production. Russia, the leader of the non-OPEC group of nations in the OPEC+ pact, was reportedly pushing to get an increase in April to meet high domestic fuel demand, according to various sources and reports.

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Saudi Arabia, however, as expected, was calling for a more “cautious” approach, with Saudi Energy Minister Prince Abdulaziz bin Salman saying at the meeting, as carried by Bloomberg:

“At the risk of sounding like a stuck record, I would once again urge caution and vigilance.”

“Before we take our next step forward, let us be certain the glimmer we see ahead is not the headlight of an oncoming express train,” Prince Abdulaziz bin Salman said.

The market was expecting quite a different outcome from today’s OPEC+ meeting, including Saudi Arabia reversing its extra cut and the group lifting production by as much as 500,000 bpd.

It looks like Prince Abdulaziz bin Salman was right when he said two weeks ago: “Those who are trying to predict the next move of OPEC+, to those I say, don’t try to predict the unpredictable.”  

By Tsvetana Paraskova for Oilprice.com

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Leave a comment
  • Mamdouh Salameh on March 04 2021 said:
    This is exactly what I have been predicting for the last three days in my comments to articles posted by oilprice.com.

    Moreover, it is the right decision by OPEC+ in order to maintain the current momentum of the global oil market and prices.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • George Doolittle on March 04 2021 said:
    So in addition to China and all of Europe including Russia the USA is now suddenly becoming a massive oil exporter to the Middle East?

    Interesting if true.
    Certainly the USA is a material exporter of "erl" to Venezuela...a place with the largest oil reserves on Earth so all of us are told.

Leave a comment




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