Oil prices hit new closing highs in nearly two years on Friday, driven by the smaller than expected increase in supply from the main exporting countries from April.
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A barrel of North Sea Brent for May delivery rose 3.9% in London, to $ 69.36, a high at the close since April 2019. US barrel of WTI for April climbed 3. 5% to 66.09 dollars, a level of end of session more reached in 22 months.
The two benchmark contracts have gained nearly 35% since January 1.
Analysts envisioned dissension on the occasion of the second meeting of the year of ministers of the Organization of the Petroleum Exporting Countries (OPEC) and their OPEC + allies.
They feared in particular differences between the two heavyweights of the alliance, Russia and Saudi Arabia, as well as a more pronounced increase in black gold production.
A "fruitful" meeting
But the summit went smoothly, culminating in a moderate opening of the crude tap starting next month on Thursday.
"The meeting was fruitful,"
commented on Friday Russian Deputy Prime Minister Alexander Novak in charge of Energy and leader of the ten allies of the cartel, remarks quoted in a statement posted online by Moscow.
"For the third consecutive meeting, Opec + has been cautious"
in its policy of reducing its production of black gold, stressed analysts at Morgan Stanley, by taking the
"unexpected"
decision
to renew the existing quotas, with the exception of Russia and Kazakhstan which will be able to increase their supply by 150,000 barrels per day.
Above all, Riyadh will maintain its voluntary and additional withdrawal of one million barrels per day next month.
What cause a real
"shock wave on the oil market"
, according to Eugen Weinberg, of Commerzbank.
Brent and WTI had already climbed nearly 5% at the close on Thursday.