The increase means the Organization of the Petroleum Exporting Countries (OPEC) and Russia, a group known as OPEC , would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd
NEW YORK: Global benchmark Brent crude prices rose 1% to their highest since early March on Thursday on renewed hopes for a U.S. stimulus deal and after major oil producers agreed to increase output by a modest 500,000 barrels per day (bpd) from January.
The increase means the Organization of the Petroleum Exporting Countries (OPEC) and Russia, a group known as OPEC+, would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd.
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