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OPEC+ ministerial meeting outcomes


March, 05 2021
watermark Economic news

On Friday, Brent crude rose to $68.60 for the first time since January 2020. The prices were supported by the results of the meeting of the ministers of the OPEC+ countries, according to which the organization unexpectedly refused to increase oil production in April by 500 thousand barrels per day. Moreover, Saudi Arabia extended its own voluntary restrictions of 1 million bpd for another month, promising to return these volumes to the market when it sees fit.


Russia and Kazakhstan again received the right to increase production from April by 130 thousand and 20 thousand barrels per day, respectively.


The results of the OPEC+ meeting indicate that the participants in the energy pact have chosen a cautious approach to assessing the recovery in demand, given the still remaining concerns about the pace of global economic growth.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.