Oil Prices Climb As OPEC+ Holds Firm On Output Cuts

The OPEC+ group will not hold a full ministerial meeting on Wednesday as planned, delegates at the Joint Ministerial Monitoring Committee (JMMC) agreed at their meeting on Tuesday, signaling confidence in the current plans to ease the production cuts as of May despite surging COVID cases in major oil importer India. Oil prices rose on Tuesday morning on the news coming out of Vienna that shows OPEC+ believes the market will be able to accommodate the higher oil supply as of May 1, despite the worsening of the COVID situation in the world’s…