On Wednesday, March 11, 2020, oil pumping jacks (also known as "nodding donkeys") operated in an oilfield close to Almetyevsk.Monday's oil price surge was the result of talks between OPEC, its oil-producing partners and a postponement indefinitely. The group failed to reach an agreement regarding August production policy.West Texas Intermediate crude crude futures rose 1.56% or $1.17 to $76.33 a barrel. This is its highest level since October 2018, when it was at $76.33 per bar. International benchmark Brent crude crude rose 1.2% or 93cs to $77.10 a barrel.Last week, OPEC+ and its allies began discussions to discuss how the energy alliance would establish an output policy for the rest of the year. On Friday, the group voted on a proposal to return 400,000 barrels per month to the market from August through December. This would result in an additional 2,000,000 barrels per daily by the end. Members also suggested that the output cuts be extended through 2022.These proposals were rejected by the United Arab Emirates. However, talks continued from Thursday to Friday to try to reach a consensus. Initial discussions were to resume on Monday, but they were eventually canceled.Mohammad Barkindo, Secretary General of OPEC, stated in a statement that "the date for the next meeting will being decided in due course."In an attempt to maintain prices, OPEC+ implemented historic measures in April 2020. They removed almost 10 million barrels of oil per day in order to reduce production. The group has slowly returned barrels to market since then and meets almost monthly to discuss output policy.
