World oil prices reach their highest levels in nearly two years

World oil prices reach their highest levels in nearly two years

Muscat: World oil prices closed on Friday at their highest levels in nearly two years, after producers agreed to increase supply from April by a smaller amount than expected. The price of a barrel of Brent North Sea crude for May delivery rose by 3. 9 per cent to $69. 66 in London, its highest closing price since April 2019. In New York, the price of a West Texas Intermediate (WTI) per barrel for April delivery rose by 3. 5 per cent and reached $ 66. 9, the highest closing level in 22 months. Members of the Organisation of Petroleum Exporting Countries (Opec) and their allies within the OPEC Plus alliance decided on Thursday to increase their production of black gold next month by less than a third of what observers expected. The 14th Meeting of Opec and non-Opec Ministers took place via video conference on Thursday, March 4, 2021, under the Chairmanship of Prince Abdul Aziz bin Salman, Saudi Arabia's Minister of Energy, and Co-Chair Alexander Novak, Deputy Prime Minister of the Russian Federation. The meeting welcomed the appointment of Dr Mohammad Abdullatif Alfares, Minister of Oil, Minister of Higher Education, Chairman of the Board - Kuwait Petroleum Corporation