Oil Prices Soared Quickly After the OPEC Decision

Oil prices soared quickly after the OPEC decision. OPEC will preserve oil production in April.

After OPEC+ announced that they decided not to change oil production in April, oil prices soared. West Texas-type oil (WTI) traded at $ 64.15, up 2.87 percent on Thursday. Russia and Saudi Arabia, the most influential members of OPEC+, met on Wednesday to reach a joint decision on production. While Saudi Arabia stated that it was necessary to act carefully, Russia had stated that it wanted to increase production. OPEC+ will meet again in April to decide the production level for May and beyond. Brent oil, on the other hand, increased 4.5 percent, trading at $ 67.02 a barrel. Following the announcement of the decision, the STOXX 600 Oil Index also saw the highest level in the session with an increase of 1.8 percent. ING Bank Commodities Strategy Manager Warren Patterson said: "The decision that will emerge from the OPEC+ meeting today is important for the direction of the markets. I expect the return of 1.5 million barrels per day with Saudi Arabia's reproduction. The markets may handle this much extra production or even more.”