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OPEC+ Pledges to Pursue Speedy Rebalancing of Oil Market

  • Ministers warns of uncertain prospects for economy, oil demand
  • Committee notes extra Saudi oil cutbacks ‘with gratitude’
Russian Oil Fields Ahead of 180th OPEC Meeting
Photographer: Andrey Rudakov/Bloomberg
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OPEC+ said it will keep pushing to quickly clear the oil surplus left behind by the pandemic, a bullish signal for prices that have already surged to a one-year high.

Ministers led by Saudi Arabia and Russia “stressed the importance of accelerating market re-balancing without delay” amid “uncertain” prospects for the global economy and oil demand on Wednesday. Crude in New York extended gains after the communique, advancing to above $56 a barrel. Brent neared $59 and increased its rise this year to around 14%.