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The Organization of the Petroleum Exporting Countries and key partners will extend most of the current output cuts, sending oil prices soaring Thursday. The post Oil Prices Surge On 'Shocking' Saudi Move At OPEC+ Meeting appeared first on Investor's Business Daily.

Oil Prices Surge On 'Shocking' Saudi Move At OPEC+ Meeting

The Organization of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC+, said ministers have approved a "continuation of the production levels of March for the month of April." Russia and Kazakhstan, however, will be allowed to boost production by 130,000 and 20,000 barrels per day, respectively, "due to continued seasonal consumption patterns.

OPEC+ officially reaches a decision to extend production cuts into April

Oil futures rallied Thursday, buoyed by speculation that the Organization of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC+, will keep their production quotas in place and that Saudi Arabia will extend its unilateral output cut of one million barrels a day through April. The group is discussing a rollover of production for all members, except Russia and Kazakhstan, which will be allowed to boost output by 130,000 and 20,000 barrels per day, respectively, Amena Bakr, deputy bureau chief and chief OPEC correspondent at Energy Intelligence, tweeted, citing comments from delegates.

Oil futures up nearly 5% on talk that OPEC+ is poised to extend production cuts

OPEC is enjoying higher oil prices without any heavy lifting.

Will OPEC blink as oil climbs?

Oil futures trade edge higher as traders await a decision from the Organization of the Petroleum Exporting Countries and its allies on whether to ease production curbs as they gauge the strength of the global economy.

Futures Movers: Oil prices edge higher ahead of OPEC+ decision on production curbs

Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day underpinned alongside a drop in U.S. fuel inventories.

Oil prices firm on prospect of OPEC+ maintaining supply cuts, drop in U.S. inventories

Oil futures settled higher on Wednesday, buoyed by some speculation that the Organization of the Petroleum Exporting Countries and its allies may decide to extend production curbs at a meeting on Thursday. The group, known as OPEC+, may also move to increase production levels following a recent climb in oil prices back to their highest levels in a year.

Oil futures settle higher on talk of a potential rollover of OPEC+ output curbs

OPEC is once again in the spotlight, and all eyes are on Saudi Arabia and Russia as they are big players in controlling the narrative on oil supply.

OPEC Meeting: Will Saudi Arabia And Russia Cool Oil Prices?

Oil futures rise Wednesday, finding support on reports the Organization of the Petroleum Exporting Countries and its allies are considering rolling over production cuts into April instead of easing them.

Futures Movers: Oil rallies on reports OPEC+ considering rollover of production cuts

Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.

Oil slips on concerns that OPEC+ may be set to pump up supply

Oil futures fell on Tuesday, with U.S. prices settling below the $60 mark for the first time since Feb. 19. Traders weighed prospects for crude production, with the Organization of the Petroleum Exporting Countries and its allies expected to make a decision on output levels by Thursday.

U.S. oil futures settle below $60 for first time in more than a week

OPEC expects oil inventories to drop by about 400 million barrels in 2021 in the latest supply and demand outlook being reviewed by a technical meeting on Tuesday, two OPEC+ sources said.

OPEC demand outlook sees oil stocks falling in 2021: sources

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OPEC sees the oil market's outlook as positive in general and the headwinds of uncertainty from last year continue to abate, the group's secretary general said.

OPEC says general oil market outlook is positive

By Bozorgmehr Sharafedin, Stephanie Kelly and Koustav Samanta

Oil optimism unwinding market's mad dash for storage

Oil prices fell more than 1% on Tuesday, extending losses that began last week, as investors unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week and Chinese demand may be slipping.

Oil extends losses on worry over possible supply increase from OPEC

Oil futures settled lower on Monday, pressured by the possibility that the Organization of the Petroleum Exporting Countries and its allies will decide to boost production levels when they meet later this week. Traders also eyed tensions between the U.S. and Saudi Arabia, after a spokeswoman for the White House reportedly said the U.S. reserves the right to sanction Saudi Crown Prince Mohammed bin Salman after an intelligence report showed he approved an operation to capture or kill U.S.-based journalist Jamal Khashoggi.

Oil futures settle lower, pressured by a possible OPEC+ output hike as traders eye U.S., Saudi tensions

Oil demand is expected to rise over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, Hess Corp Chief Executive John Hess said at CERAWeek on Monday.

Oil executives say demand will rise, despite emphasis on renewables

Oil futures rise Monday, buoyed ahead of a decision this week by the Organization of hte Petroleum Exporting Countries and its allies that's expected to see a loosening of production curbs.

Futures Movers: Oil prices resume rally ahead of this week's OPEC+ decision on crude production

That means prices for prompt oil deliveries trade at a premium to oil for later delivery and indicates a tight crude market.

Oil's Remarkable Price Run Is Just Beginning

Oil prices rose more than $1 on Monday on optimism in the global economy thanks to progress in a huge U.S. stimulus package and on hopes for improving oil demand as vaccines are rolled out.

Oil prices climb after progress on huge U.S. stimulus bill

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Oil futures settled lower on Friday, but U.S. prices ended the month nearly 18% higher after marking a nearly 22-month settlement high on Thursday. Crude-oil futures have climbed "in anticipation of improvements in demand, while global supplies remained constricted," said Marshall Steeves, energy markets analyst at IHS Markit.

Oil futures decline, but U.S. prices gain nearly 18% for the month

Major oil producers will put their negotiation skills to the test when they meet to discuss production levels in early March, as Saudi Arabia and Russia attempt to seek balance between crude prices at their highest in more than year, tightening global supplies and an uncertain path of recovery for energy demand.

Commodities Corner: Here's what the oil market thinks OPEC+ should do next

The oil price held strong all week as sentiment improved and investors and analysts looked to a brighter year ahead. In Friday trading, Brent crude was still holding above US$66 with West Texas Intermediate (WTI) close to US$63 a barrel.

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