Oil prices rise after OPEC Plus decision to increase production
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| Oil Prices Today |
Oil prices rose at the close of trading on Thursday, April 1, 2021, after the "OPEC Plus" group reached an agreement summarized by the group's gradual reduction of production restrictions starting from May.
- Brent crude oil prices rose by 1.94 dollars, equivalent to 3.1%, which led to its price reaching 64.68 dollars a barrel.
- Oil prices in Texas US crude rose by $ 2.10, equivalent to 3.6%, which led to its price reaching $ 61.26 a barrel.
If we take a look at the OPEC Plus agreement, we will find that the countries of the group agreed to gradually reduce their oil production cuts starting from May, after the new US administration asked Saudi Arabia to keep energy prices within reach.
Under today's agreement, the oil cuts implemented by OPEC Plus will be at just over 6.5 million barrels per day from May, compared to current cuts of just under seven million barrels per day in April.
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