"Oil soars as OPEC+ sources suggest no production increase"

" \n The U.S. oil benchmark, WTI Crude, jumped early on Thursday to above $64 a barrel, soaring by more than 5 percent, after OPEC+ sources began telling reporters that the coalition may be close to agreeing not to increase their collective oil production in April. \n \n\n \n WTI Crude\u00a0prices were surging by 5.06% at $64.21 as of 11:18 a.m. ET on Thursday.\u00a0Brent Crude\u00a0prices jumped above $67 per barrel, to $67.17, up by 5.10%, after OPEC+ sources started to leak insights from the ongoing OPEC+ ministerial meeting. \u00a0 \n \n\n \n \n \n\n \n According to delegates, the discussion is now about a rollover of production for all members except for Russia and Kazakhstan, \u201cwhich will be allowed to boost output by 130k and 20k respectively,\u201d Amena Bakr, Deputy Bureau Chief\u00a0 & Chief Opec Correspondent at Energy Intelligence,\u00a0tweeted. \n \n\n \n Saudi Arabia, OPEC\u2019s top producer and de facto leader, is proposing a rollover of the current level of cuts into April and May, according to various reports. In addition, Saudi Arabia will be keeping its additional 1 million barrels per day (bpd) production cut in April, too. That extra cut was initially planned to last only in February and March. \n \n\n \n Russia, as well as Kazakhstan, were pushing for an increase in the collective production. Russia, the leader of the non-OPEC group of nations in the OPEC+ pact, was reportedly pushing to get an increase in April to meet high domestic fuel demand, according to various sources and reports. \n \n\n \n Saudi Arabia, however, as expected, was calling for a more \u201ccautious\u201d approach, with Saudi Energy Minister Prince Abdulaziz bin Salman saying at the meeting, as carried by\u00a0Bloomberg: \n \n\n \n \u201cAt the risk of sounding like a stuck record, I would once again urge caution and vigilance.\u201d \n \n\n \n \u201cBefore we take our next step forward, let us be certain the glimmer we see ahead is not the headlight of an oncoming express train,\u201d Prince Abdulaziz bin Salman said. \n \n\n \n The market was expecting quite a different outcome from today\u2019s OPEC+ meeting, including Saudi Arabia reversing its extra cut and the group lifting production by as much as 500,000 bpd. \n \n\n \n It looks like Prince Abdulaziz bin Salman was right when he\u00a0said\u00a0two weeks ago: \u201cThose who are trying to predict the next move of OPEC+, to those I say, don\u2019t try to predict the unpredictable.\u201d \u00a0 \n "

"Oil soars as OPEC+ sources suggest no production increase"

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