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.
Punjab Police armors vehicles with bulletproofing for enhanced security
- 3 hours ago
Google Maps adds new feature
- 2 hours ago
Gold prices drop as investors react to Trump’s tariff measures
- 2 hours ago
IMF delegation in Pakistan for technical support, budget discussions
- 26 minutes ago
Turkish police arrest fraudsters selling fake treasure maps for hefty fees
- an hour ago
Punjab sets new standard in forest management with thermal drone technology
- an hour ago
John Cena reveals suffering skin cancer twice
- 2 hours ago
FIA nabs three agents involved in sea route smuggling to Europe
- 2 hours ago
South Korea’s top court delivers major blow to President Yoon over martial law
- 2 hours ago
Ohtani's walk-off pushes Dodgers to historic 8-0
- 14 minutes ago
PSX sees record surge, closes lower amid global market concerns
- 39 minutes ago
Karachi cop booked, arrested for using derogatory language against President Zardari
- an hour ago
You May Like
Trending
