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Oil prices jump as OPEC+ agrees to stick to planned output
Oil prices jumped today as the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to stick to its planned oil output.
Brent crude rose 1.03 percent to $90.19 a barrel just after OPEC announced the modest production hike
U.S. West Texas Intermediate (WTI) crude futures also increased 1.25 percent to $89.45 a barrel.
Over the past months, oil prices have continued to surgeas countries relaxed lockdowns and dropped travel restrictions.
On the other hand, OPEC+ decided to stick to its plans to increase output in March by 400,000 barrels per day.
OPEC and its allies had been adopting monthly production quotas since April 2020 to prop up prices and prevent an oversupply in the global oil market.
The agreement was reached at the 25th OPEC and non-OPEC ministerial meeting (ONOMM) held virtually today.
According to the oil cartel, this agreement was reached in view of current oil market fundamentals and the consensus on the outlook.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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