Saudi Arabia will also ease its previous voluntary cuts of 1.0 million barrels per day by 250,000 in May, 350,000 in June and 400,000 in July.
Despite the fact that production cut relaxations usually drag the crude prices down, Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman hinted that the increase could be attributed to the fact that the output limitations will remain in place through April, adding that the United States did not attempt to influence the decision.
May's West Texas Intermediate (WTI) jumped 4.02 percent to go for 61.54 dollars per barrel at 1:55 pm ET, while Brent for settlements in June grew by 3.44 percent to 64.91 dollars per barrel a minute later.
OPEC+ to gradually ease cuts over next 3 months - report
OPEC+ to gradually ease cuts over next 3 months - report
NEWS IN ENGLISH
Ministers of Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) members voted during their Joint Ministerial Monitoring Committee (JMMC) on Thursday to ease oil output cuts by 350,000 barrels per day in May and June and by 450,000 in July, Energy Intelligence reported.
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