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The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed on Thursday not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic
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The OPEC+ group is considering keeping their collective oil production cuts in April, given the still-fragile global demand recovery, three OPEC+ sources told Reuters on Wednesday
Oil prices jumped early on Wednesday, following reports that the OPEC+ group could be weighing the possibility not to increase collective oil production from April as widely expected