Oil prices surge as OPEC+ extends most output cuts

Oil prices gained considerably after the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) agreed to extend most oil output cuts into April.

The West Texas Intermediate for April delivery added $2.55 to settle at $63.83 a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased $2.67 to close at $66.74 a barrel on the London ICE Futures Exchange, Xinhua news agency reported on Thursday.

OPEC+ approved the continuation of current production levels for April, except that Russia and Kazakhstan will be allowed to increase production by 130,000 and 20,000 barrels per day, respectively, the group said in a statement on Thursday.

Meanwhile, Saudi Arabia, the world's biggest oil exporter, said it would extend its voluntary oil output cut of 1 million barrels per day, and would decide in coming months when to gradually phase it out. - IANS