The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+ agreed at a meeting held Tuesday to keep its current production agreement in place to “gradually return 2 million barrels a day…of the adjustments to the market.” The pace of that return will be “determined according to market conditions,” OPEC+ said in a press release issued just after the meeting concluded. At a meeting on April 1, the group of producers said it would raise daily oil production by 350,000 barrels in May, 350,000 barrels in June and by 441,000 barrels in July. At the time, Saudi Arabia also said it would roll back its voluntary output cut by 250,000 barrels a day in May, 350,000 barrels a day in June and by 400,000 barrels a day in July. On Tuesday, OPEC+ “emphasized the need to continue to consult and closely monitor market fundamentals” and maintain the monthly OPEC+ meetings. July West Texas Intermediate crude climbed $2.35, or 3.5%, to $68.67 a barrel on the New York Mercantile Exchange. August Brent crude traded at $71.18 a barrel, up $1.86, or 2.7%, on ICE Futures Europe.
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