Crude oil price hit $67 per barrel
Brent crude oil prices rose to $67 buoyed by speculation that the Organisation of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC+, will keep their production quotas in place and that Saudi Arabia will extend its unilateral output cut of one million barrels a day through April.
April West Texas Intermediate crude rose $2.85, or 4.7 per cent, to $64.13 a barrel and May Brent crude climbed $3.04, or 4.7per cent, to $67.11 a barrel.
Opec is discussing a rollover of production for all members, except Russia and Kazakhstan, which will be allowed to boost output by 130,000 and 20,000 barrels per day, respectively, Amena Bakr Deputy Bureau Chief and Chief OPEC Correspondent at energy intelligence, tweeted citing comments from delegates.
Meanwhile, Bloomberg has reported that OPEC+ has decided to keep production unchanged, but other reports say the meeting is still ongoing as at the time of filing this report.
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