Oil prices have surged to their highest level in two years after OPEC's surprise decision to keep output levels unchanged, signaling higher prices ahead.
Published 4 years ago on Mar 7th 2021, 6:22 am
By Web Desk
Brent futures climbed 4.2% in New York after OPEC decided in a virtual meeting to keep output levels as is in April, with Saudi Arabia stating that it will maintain its 1 million barrel a day production cut.
The decision comes across as a victory for the desert kingdom which has advocated for cutting production to support prices. Throwing aside fears of US spurring up its shake digging for oil, Saudi Energy Minister, Prince Abdul Aziz, said "US mantra of drill baby drill, is gone forever."
The group's next meeting is scheduled for April to discuss May output.
KSE-100 index surges past 127,000 points
- 6 گھنٹے قبل
Trump says will ‘take a look’ at deporting Musk
- 2 گھنٹے قبل
Over 50,000 evacuated as wildfires devastate Turkey’s Izmir
- 6 گھنٹے قبل
Sindh govt declares July 5-6 public holidays for Youm-e-Ashura
- 4 گھنٹے قبل
Federal Govt decides to shut down utility stores from July 10
- 2 گھنٹے قبل
Japan records hottest June in its history this year
- 2 گھنٹے قبل
US officially ends sanctions program on Syria
- 5 گھنٹے قبل
Musk proposes new political party, targets lawmakers over Trump-backed spending bill
- 3 گھنٹے قبل
Polio campaign extended to age 15 amid new cases in older children
- 4 گھنٹے قبل
Dubai successfully tests first air taxi
- 6 گھنٹے قبل
Pakistan's Sadia Iqbal retains top spot in ICC Women's T20 bowler rankings
- 2 گھنٹے قبل
Govt upholds decision to import 500,000 tons of sugar
- ایک گھنٹہ قبل
You May Like
Trending
