Members of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to hold the line on oil production in April.

Saudi Aramco rigs

The alliance was following the lead of Saudi Arabia energy ministers who argued to keep output steady as producers gauge the success of coronavirus vaccines and the potential for stronger demand.

Analysts were braced for an increase, given a surge in oil prices this year. Brent crude prices were up more than 25% on the year prior to the meeting, an advance that many market participants had expected would lure Saudi Arabia into production rebound mode next month.

Following the OPEC-plus announcement, Brent crude prices jumped another 5% in intraday trading Thursday.

“The market has plenty of spare room to add...