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As per the latest reports, the prices for oil surged on Thursday, March 4, 2021. As per sources, the reason behind the rise in the price of oil is the decision made by the OPEC and its allies. It has been unanimously decided by OPEC and its allies from the oil production sector that the production of oil will be kept steady for now.
It has been confirmed that the oil prices will be largely kept at a steady pace and the same will be carried out throughout the month of April 2021.
In addition to the above, Saudi Arabia has also made an announcement regarding its cutting of oil production in the month of April. Previously, Saudi Arabia had volunteered that it was going to keep its oil production down by 1 million barrels per day until the end of March.
Following the announcements, Saudi Arabia has also stated that it is extending its voluntary oil production reduction throughout the month of April as well.
The crux of the matter is that all major oil-producing companies from around the world have decided to extend the reduction of oil production. Previously, the reduction was decided to carry on until the end of March 2021, but now it is going to be until the end of April 2021.
However, it has been announced that two particular countries will be allowed to increase their oil production in April. The countries; Kazakhstan and Russia will be allowed to go ahead and increase their oil production.
Once that happens, then Kazakhstan will be producing 20,000 barrels of oil per day while Russia will be producing 130,000 barrels of oil per day.
As per the figures, the share price for the Brent crude futures surged by 5.6%. Before the surge, the price of the Brent crude futures was sitting at $3.61 per barrel and after the increase, it was sitting at $67.68 per barrel.
On the other hand, the share price for the futures for the West Texas Intermediate (WTI) crude surged by 5.7%. Before the surge, the prices for the WTI crude were sitting at $3.51 and after the surge, the prices are at $64.79 per barrel.
With the latest developments in the oil production industry, OPEC has proved the speculations of predictions of many analysts to be incorrect. There were many who had predicted that OPEC would see that the oil production reductions would be reverted. However, this did not happen and the OPEC took things to an even higher level with respect to adjusting the shares prices of the commodities.
The recent actions taken by the OPEC have proven to be very essential for the entire oil production sector. With the help of the recent move, the prices of crude oil have retained the prices they used to have before the pandemic hit the entire world.
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