Oil prices rose more than 1% today, Friday, to compensate for some of its losses, after OPEC and its allies (OPEC +) rejected a US call to increase supplies and agreed to stick to the plans for a gradual return to production that had stopped due to the pandemic.
Brent crude rose 82 cents, or just over 1%, to $ 81.36 a barrel, after losing about 2% on Thursday.
US crude oil was up 97 cents, or 1.25%, to $ 79.78 a barrel, after losing 2.5% in the previous session.
And OPEC + agreed in a meeting Thursday to stick to plans to increase oil production by 400,000 barrels a day since December, ignoring US President Joe Biden’s request for an increase in supplies to curb rising prices.
On Thursday, Saudi Energy Minister Prince Abdulaziz bin Salman said the gradual increase in oil production was the correct procedure.
And the Saudi Minister of Energy said after the end of the “OPEC +” meeting: we will start building stocks from December and the first quarter will see the construction of huge stocks.
He said I am in ongoing discussions with the United States at all levels.
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