OPEC's decision is quite extensive, but the market reaction is very positive. Most countries will keep production unchanged in April compared to March, and most of all Saudi Arabia will maintain an additional cut of 1 million barrels per day through February and March.
However, Russia will increase production, but only from 65k to 116k. barrels per day (it has been speculated that Russia wants to increase production by as much as 0.5 million barrels). In addition, Kazakhstan will be able to increase production from 10 to 20k barrels per day. Countries that will produce more will have time until July to compensate for their excess production. The next meeting will take place on April 1.
The price of WTI crude oil reached its highest level since January 2020. Should current sentiment prevail, the next target for bulls is located $ 66.5 a barrel. Source: xStation5
🛢️Further escalation and tense situation do not drive oil further
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