Rally Of Oil Prices On Heels Of OPEC+ Decision Indicates Market Recovery - Russia's Novak

MOSCOW (Pakistan Point News / Sputnik - 05th March, 2021) The rally of oil prices on the heels of the OPEC+ decision not to increase production proves market optimism and recovery, Russian Deputy Prime Minister Alexander Novak said on Thursday.

According to the stock data, the price of May futures for Brent crude on Thursday rose by 5 percent to $67.3 per barrel.

"We have seen today that the oil prices went up by almost 5 percent as a result of the decisions, made at the OPEC+ meeting ... I think that such a recovery of the prices reflects optimism and that the market is nevertheless recovering," Novak told the Rossiya 24 broadcaster after the OPEC+ Ministerial Meeting concluded.

Earlier in the day, the OPEC+ countries agreed to extend the March level of oil production cuts, which stands at some 7.05 million barrels a day, into the next month as well.� Only Russia and Kazakhstan have been allowed to slightly increase production next month, by 130,000 barrels a day and 20,000 barrels a day, respectively.�

At the same time, Saudi Arabia has decided to extend its additional voluntary oil production cut of 1 million barrels a day into April as well.�