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 5 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.
“Science on Wheels” program successfully held in Islamabad
- 4 hours ago
Asia Cup: India refuses to receive trophy from Mohsin Naqvi over victory
- 4 hours ago
Even killings are content
- 3 hours ago
Incident of eggs attack on me was scripted: Aleema Khan
- 2 hours ago
Banks’ deposits increased by Rs3685 billion in a year
- 2 hours ago
PEMRA clarifies that upcoming dating program not to air on TV
- 2 hours ago
Teen maid found dead at police officer’s home in Lahore
- 40 minutes ago
Gold prices drastically drop in Pakistan
- an hour ago
Pakistan fulfils 51 IMF conditions before delegation's visit
- 4 hours ago
Microsoft 365 Copilot bundles sales, service, and finance Copilots in October
- 3 hours ago
Security forces operation in Khuzdar, five terrorists killed
- 5 hours ago
Islamabad sets new official sugar price at Rs177 per kg
- 20 minutes ago
You May Like
Trending
