The day before, the meeting of the ministers of the countries participating in the OPEC + agreement on reducing the volume of oil production ended. The decision made was the reason for the growth of oil quotations. It was decided to keep the production quotas envisaged under the deal in March in April.
OPEC + parties have refused to ramp up oil production next month. This came as a surprise to market experts. They assumed that the alliance would decide to increase the April production volume by 500 thousand BPD.
Saudi Arabia also announced that it will maintain its voluntary commitments to further cut production by 1 million BPD. Only Russia and Kazakhstan were allowed to increase oil production in April by 130 and 20 thousand b / d, respectively.
In the early morning, the price of a barrel of Brent crude rose to $67 41 cents, or 1%, from the price that was fixed at the close of trading on Thursday. The price of WTI oil rose to $64 44 cents or 0.99%.