OPEC + results have pushed crude oil prices higher as the market headed for the weekend trading session.
In the Asian session, Brent crude futures traded up 59 sen at $ 67.34 sen, while the US WTI gained 61 sen at $ 64.41 a barrel.
Both benchmarks jumped more than 4% on Thursday after the OPEC+decision, taking it to a 13-month high.
OPEC + decided to extend its current crude oil production cut commitment until April, by granting a small exemption to Russia and Kazakhstan.
The next OPEC+ meeting will take place on April 1, where issues on production levels will be discussed again.
Even more shocking to the market was when Saudi Arabia’s major oil exporter also promised to maintain its voluntary production cuts of 1 million barrels a day for another month.
OPEC+ cut output by 9.7 million barrels a day last year as demand was severely affected by the pandemic.
As of March, it still holds about 7 million barrels a day, which is about 7% of world demand. Saudi Arabia’s voluntary cuts make a total of around 8 million barrels a day.
