OPEC+ officially reaches a decision to extend production cuts into April
The Organization of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC+, said ministers have approved a "continuation of the production levels of March for the month of April." Russia and Kazakhstan, however, will be allowed to boost production by 130,000 and 20,000 barrels per day, respectively, "due to continued seasonal consumption patterns." Saudi Arabia also extended its voluntary output cut of one million barrels per day, which was due to expire at the end of March, through the month of April. April West Texas Intermediate crude rose $3.37, or 5.5%, to $64.65 a barrel and May Brent crude climbed $3.47, or 5.4%, to $67.54 a barrel.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.