Institutional analysis: Saudi Arabia’s decision to extend voluntary production cuts boosted crude oil bulls, and WTI crude oil futures rose above $66 per barrel.

OPEC+'s decision to maintain the current scale of production cuts is inconsistent with market expectations, and Saudi Arabia has stated that it will continue to voluntarily cut production by 1 million barrels per day until April. The recovery driven by these two factors and the good progress of vaccine promotion is exhausting crude oil inventories. As a result, the US and Burundi oils continued to rise today. WTI crude oil futures rose above US$66/barrel, and Brent crude oil futures rose above US$69/barrel. JPMorgan Chase analysts said that overall, this is the most optimistic result we can expect. Goldman Sachs today also raised its second-quarter forecast for Brent crude oil prices to $75/barrel, and its forecast for the third quarter to $80/barrel.