Oil price surges following OPEC+ meeting

TEHRAN, Apr. 09 (MNA) – Oil prices have reported a dramatic surge during the meeting of OPEC+ members, according to trading data.

The June futures for Brent oil have jumped to $35.65 per barrel, rising by 8.56%, as of 19:09 Tehran time (2:39 GMT). Meanwhile, WTI futures for May rose by 9.8% to $27.55 per barrel.

Brent previously passed the $36,29 per barrel mark on April 2 following US President Donald Trump's statement on oil production cuts.

The surge comes as the OPEC+ countries and oil producers that were not previously part of the deal began their video conference on the oil market, a source in one of the delegations revealed.

Apart from OPEC+, Argentina, Egypt, Indonesia, Trinidad and Tobago confirmed their participation.

The oil producers will reportedly debate oil cuts of up to 20 million barrels per day, Reuters cited an OPEC source and a Russian source as saying.

Other sources told Reuters that Russia and Saudi Arabia had managed to overcome their main differences in agreeing to a new deal on oil cuts.

Oil prices fell on global markets in early March after OPEC+ members failed to agree on an extension to the agreement beyond April 1 against a backdrop of the coronavirus pandemic.

MNA/SPUTNIK

News Code 157437

Tags

Your Comment

You are replying to: .
  • 4 + 0 =