OPEC+ Now Has Reason To Maintain Current Output - Kakiforex | Forex markets for the smart money. OPEC+ Now Has Reason To Maintain Current Output OPEC+ Now Has Reason To Maintain Current Output

April 1, 2021

OPEC+ Now Has Reason To Maintain Current Output

 Crude oil prices rebounded, offsetting some of the losses recorded in the previous session with expectations that the meeting of OPEC and its allies today will see a retention in production commitments.


Ahead of the opening of the European session, Brent crude futures traded up 1.2% at $ 63.52 a barrel, while US WTI was up 1.3% and traded around $ 60 a barrel.


OPEC and its allies, or better known as OPEC+ will meet today, where the issue of global production for May will be the top agenda.



OPEC+ is currently reducing its production by around 7 million barrels a day to support prices and Saudi Arabia has also voluntarily reduced its output by 1 million barrels a day since March.


There are positive expectations that OPEC+ will remain with current production, moreover previously Saudi Arabia reportedly expressed its readiness to support a proposal to extend its current production cutting commitments until May or June.


This is compounded by the situation in the European Union (EU), where sanctions measures have been extended for a longer period due to a third wave that is re -attacking the bloc.


Most recently, French President Emmanuel Macron announced a third nationwide lockdown for four weeks effective Saturday.