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Oil prices surge as OPEC+ extends most output cuts
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IANS | 05 Mar, 2021
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.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 17 Apr, 2021 |
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