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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
While bullish sentiment has taken over oil markets and demand has picked up, significant uncertainty remains ahead of the OPEC+ meeting