The price of crude oil jumped sharply in the overnight session after the latest OPEC+ meeting. Brent, the global benchmark, rose to a seven-year high of $81.71 while the West Texas Intermediate (WTI) rose to $78. Natural gas prices also jumped by more than 3%. In a statement, OPEC and its allies said that they will continue adding 400k barrels of oil per day until the end of 2022.
This gradual pace of increase was significantly lower than Joe Biden had requested. According to the Financial Times, Saudi Arabia said that oil prices had not risen parabolically like other commodities to warrant a change in production.
Valeura Energy Inc (LON:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.