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OPEC and its members have decided to maintain the current volume of oil production. As a result US crude jumped by more than 5%, hitting nearly $ 65 a barrel.
Saudi Arabia will also resume its additional 1 million bpd production cut, as it said it is in no hurry to resume supplies.
In general, this decision of OPEC is in line with the intention of Saudi Arabia, which is to limit supply in order to maintain or raise prices. However, there are risks on this action, as higher oil prices could stimulate additional drilling by US oil producers.
"It will be difficult," said Bill O'Grady of Confluence Investment Management. "The longer prices go up, the more likely we will see a response from the US supply."
During the meeting, OPEC considered restoring production by as much as 1.5 million barrels a day. However, many members opposed it.
Aside from that, old issues in the oil market remain unresolved. The current cease-fire between rival oil-producing countries is fragile, and the main reason why prices are currently rising is because Saudi Arabia decided to be generous and cut more supply.
In fact, in the earlier meetings, prices have dropped very sharply amid attacks on oil facilities. The situation with COVID-19, as well as the lockdowns put up to combat it, also drastically reduced demand. Now, the key question is: how long is Saudi Arabia willing to pay the price to support the oil market? We are uncertain, but the next meeting of OPEC is scheduled on April 1.
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