Crude prices jumped 12 percent on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and major producers led by Russia agreed to cut output by 20 million barrels a day, according to Reuters sources.
The Iranian oil minister Bijan Namdar Zanganeh told reporters that OPEC+ is considering two proposals, which would cut output by 10 and 11 million barrels per day, respectively. Further cuts would be expected from Brazil, Norway and the US, while Iran, Venezuela and Libya would be exempt.
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