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OPEC+ Approves Only Modest Oil Output Increases By AFP News
on April 02 2021 4:51 AM
Oil producing countries grouped together under the OPEC+ alliance led by Saudi Arabia and Russia agreed Thursday to only limited output increases as of next month.
Crude prices shot higher after the announcement, with the main international contract, Brent, rising 1.8 percent to $63.84, while the US contract WTI jumped 2.1 percent to 60.39.
In a statement issued after the meeting, the ministers noted improvements in the market supported by global vaccination programmes and stimulus packages in key economies .
However, they also noted the volatility observed in recent weeks warrants a continued cautious and vigilant approach in monitoring market developments.