Oil Jumps 3% On OPEC Easements As Analysts Reiterate Demand Recovery Optimism
by Ship & Bunker News Team
Thursday April 1, 2021
The
Organization of the Petroleum Exporting Countries' (OPEC) decision on Thursday to ease production cuts between May and July caused a surge of activity in crude trading circles; this, along with news of strong manufacturing activity in
Europe despite a new round of Covid lockdowns, caused crude prices to leap by over
3 percent.
$2.10, or
Russia, will ease production curbs by
350,000 barrels per day (bpd) in May, another
350,000 bpd in June, and further
400,000 bpd or so in July; under this deal, the cuts would be just above