International oil prices soared to the maximum in two years thanks to the agreement of small oil producing countries to increase production.
West Texas crude WTI for April delivery on the New York Mercantile Exchange closed at $63.83 a barrel, up 4.2% from the previous day.
It is the largest increase per day since April 30, 2019.
Oil prices soared that'OPEC Plus', a consultative body between the Organization of Petroleum Exporting Countries and major non-OPEC oil producing countries such as Russia, agreed to allow only a slight increase in production in April, taking into account market uncertainty.
The OPEC Plus Oil Ministers' Meeting agreed to allow only Russia and Kazakhstan to increase production at an appropriate level in April, while the rest of the Member States agreed to freeze production.
In particular, Saudi Arabia decided to maintain a voluntary cut of 1 million barrels in April.
(Photo = Yonhap News)