Bloomberg News reports that Petroleum Exporting Countries (OPEC) and Allied Nations or OPEC Plus It resolved to maintain oil production in April at 7.2 million barrels per day. After Saudi Arabia announced an extension to cut oil output for another month.
Important factors that make OPEC Plus Maintaining that continued oil production ceiling is a result of weak global demand for oil. The world crude oil price will continue to increase. As Prince Abdulaziz bin Salman from Saudi Arabia Has called on OPEC Plus members Make careful decisions about the oil production policy. As global demand for oil remains unstable due to the COVID-19 outbreak.
From a resolution to maintain OPEC Plus crude oil production As a result, the price of Brent crude oil contract for May delivery rose $ 1.09, or 1.6%, to $ 68 a barrel. This is the highest level in 13 months since Jan. 8, 2020, while the West Texas crude oil contract Delivered in May. It was up $ 0.93, or 1.5%, to $ 64.76 a barrel.
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