OPEC+, a coalition led by Saudi Arabia and Russia, has implemented a series of production cuts since late 2022.

The beginning of the U.S. driving season will also provide a supportive factor for oil prices, according to Yoshida’s remarks.

The voluntary cuts by OPEC+ members amount to reducing the output of crude by around 2.2 million barrels per day (bpd) for the first half …

Brent and U.S. crude futures rose by 0.5% and 0.6%, respectively, with the benchmarks responding positively to China’s GDP growth of 5.3% year-on-year.