OPEC and Russia agree to keep a lid on oil production, sending prices higher

OPEC and Russia agree to keep a lid on oil production, sending prices higher

The Organization of the Petroleum Exporting Countries and its allies decided on Thursday to keep a tight rein on production, sticking with its current quotas for April with some exceptions, The New York Times reports.

The news from the group known as OPEC Plus caused a jump in oil futures. Brent crude was up by almost 5 percent, to $67.24 a barrel.

The outcome represents a win for Saudi Arabia, which had counseled against raising production because recovery from the pandemic is still uncertain.

“The right course of action is to keep our powder dry,” said Prince Abdulaziz bin Salman, the Saudi oil minister at the beginning of the group’s meeting on Thursday. “Let us be certain that the glimmer we see ahead is not the headlight of an oncoming express train.”

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