Global crude prices jumped 12 percent on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and major producers led by Russia reportedly agreed to cut output in an effort to balance the oil markets. Oil prices have collapsed after OPEC+ countries disagreed on production cuts last month, with Russia refusing to lower output. In response, Saudi Arabia ramped up its production to a record high of more than 12 million barrels per day, after previous OPEC+ production cuts expired at the end of March. US President Donald Trump said last week Russia and Saudi Arabia could agree to cuts of 10 million to 15 million barr
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