Major oil producers agree on output increase

Some of the world's biggest oil producing nations have agreed to gradually boost output as demand recovers. The increase is set to take effect from May through July. This comes after production was cut last year to shore up prices as the coronavirus pandemic weakened the economy.

Members of the Organization of Petroleum Exporting Countries and allies such as Russia met online on Thursday.

Vaccine rollouts and economic stimulus measures around the globe were cited as factors behind the change in policy.

However the group says the recovery is still uncertain, and it plans to review output levels each month.

International crude prices have recovered to pre-pandemic levels as deep production cuts have remained place.