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Reuters: OPEC agrees to keep production stable in April
Two OPEC sources told Reuters that the group had agreed Thursday to keep oil production levels roughly the same in April.
The two sources added that it was decided to allow modest productivity increases to Russia and Kazakhstan within the framework of the agreement.
Oil prices rose again towards their highest levels in more than a year, as Brent rose 5 percent, exceeding $ 67 a barrel.
In light of the rise in oil exceeding $ 60 a barrel, some analysts expected OPEC + production to increase by about 500 thousand barrels per day and that Saudi Arabia partially or completely end its additional voluntary reduction of one million barrels per day.
But Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak, and their countries are the cornerstones of the OPEC + group, today urged caution.
"The uncertainty surrounding the pace of recovery has not subsided ... I urge that caution and vigilance be exercised," the Saudi minister said.
Novak agreed with him, who said that the oil market has not fully recovered and that the Coronavirus infections still cast a shadow.
Russia had previously insisted on raising production to avoid rising prices again, in support of shale oil production in the United States, which is not a member of OPEC +.
However, Moscow failed in February to raise production despite receiving the green light for that from OPEC +, as severe winter weather affected the production of the aging fields.
