The Organisation of the Petroleum Exporting Countries (Opec) countries have announced an increase in oil production.
According to a spokesperson, output will rise by more than 200,000 barrels per day in May. The move sought to steady ongoing volatility in global energy markets. Saudi Arabia and Russia, along with several Gulf states, have agreed to the increase in production.
It is noted that crude oil prices rose following the continuing conflict in the Middle East and an announcement by Donald Trump regarding further attacks on Iran. Brent crude climbed by six per cent to reach $107 per barrel. US crude also traded at $110 per barrel.
