Oil jumps to two-year high as OPEC and allies reconfirm gradual production increase.
A group of some of the world’s most powerful oil producers agreed on Tuesday to continue gradually easing production cuts amid a rebound in oil prices.
The alliance announced massive crude production cuts in 2020 in an effort to support prices when the coronavirus pandemic coincided with a historic demand shock.“I think the event itself is going to be a nonevent. We expect them to basically reconfirm the plan that they laid out on April 1,” Jeffrey Currie, global head of commodities research at Goldman Sachs, told CNBC on Tuesday.
OPEC Secretary General Mohammad Barkindo said Monday he did not believe higher Iranian supply would be a cause for concern.
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