Global Oil Prices Continue To Grow After OPEC+ Decision To Prolong Output Cuts

MOSCOW (Pakistan Point News / Sputnik - 05th March, 2021) The global oil prices continue to rally on Friday morning on the heels of the OPEC+ decision not to increase production, according to the latest market data.

As of 7:47 a.m. Moscow time (04:47MT), the price of May futures for Brent crude grew by 1 percent to $67.41 per barrel, while April futures for WTI increased by 0.99 percent to $64.44 per barrel.

Late on Thursday, OPEC+ countries decided to extend the March level of oil production cuts, which stands at some 7.05 million barrels a day, into the next month. Saudi Arabia will further maintain its additional reduction of 1 million barrels per day.

Russia and Kazakhstan were allowed to slightly increase the production next month, by 130,000 barrels a day and 20,000 barrels a day, respectively.