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Oil gains ahead of OPEC+ meeting on output policy Crude prices rose on Thursday, recouping some of the previous session s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions.
FILE PHOTO: A diesel fuel nozzle with new European labels to standardise gasoline pumps in the EU zone is seen at a petrol station in Nice, France, October 12, 2018. REUTERS/Eric Gaillard
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TOKYO: Crude prices rose on Thursday, recouping some of the previous session s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions.
By Reuters Staff
1 Min Read
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
LONDON/DUBAI (Reuters) - OPEC+ will debate two key options for oil policies from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added an additional 1 million bpd to those cuts.
Oil gains ahead of OPEC+ meeting on output policy
Reuters
TOKYO |
Updated on
× Crude prices rose on Thursday,recouping some of the previous session s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent Covid-19 infections in some regions.
Brent crude for June delivery was up by 31 cents, or 0.5 per cent , at $63.05 a barrel by 0159 GMT after falling 2.2 per cent overnight. US oil was up 38 cents, or 0.6 per cent , at $59.54 a barrel, having dropped 2.3 per cent on Wednesday.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia and Kazakhstan, a group called OPEC+, meet later on Thursday to consider options that include an output roll-over and a gradual output increase.