Search ForexCrunch

In a statement published following Friday’s meeting in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, noted that producers will continue consultations to stabilise the oil market.

The statement hasn’t mentioned anything regarding additional output cuts or an extension of existing production curbs.

Crude oil reaction

Crude oil prices remain under pressure after this statement. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $42.70, erasing 7.1% on a daily basis.