Oil futures up nearly 5% on talk that OPEC+ is poised to extend production cuts
Oil futures rallied Thursday, buoyed by speculation that the Organization 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. The group 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. Bloomberg reported that OPEC+ has reached a decision to keep production unchanged, but other reports say the meeting is still ongoing. April West Texas Intermediate crude rose $2.85, or 4.7%, to $64.13 a barrel and May Brent crude climbed $3.04, or 4.7%, to $67.11 a barrel.
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