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Oil prices set to surge higher on OPEC's output decision

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.

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Oil prices set to surge higher on OPEC's output decision
Oil prices set to surge higher on OPEC's output decision

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.

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