Oil prices fell on global markets in early March after OPEC+ members failed to agree on an extension to the agreement beyond 1 April against a backdrop of the coronavirus pandemic.
Oil prices have reported a dramatic surge during the meeting of OPEC+ members, according to trading data. The June futures for Brent oil have jumped to $35.65 per barrel, rising by 8.56%, as of 17:39 Moscow time. Meanwhile, WTI futures for May rose by 9.8% to $27.55 per barrel.
Brent previously passed the $36,29 per barrel mark on 2 April following President Trump's statement on oil production cuts.
The surge comes as the OPEC+ countries and oil producers that were not previously part of the deal began their video conference on the oil market, a source in one of the delegations revealed.
Apart from OPEC+, Argentina, Egypt, Indonesia, Trinidad and Tobago confirmed their participation.
The oil producers will reportedly debate oil cuts of up to 20 million barrels per day, Reuters cited an OPEC source and a Russian source as saying.
Other sources told Reuters that Russia and Saudi Arabia had managed to overcome their main differences on agreeing a new deal on oil cuts.
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