OPEC+ Confirms April Oil Output Increase Plan

OPEC+ has confirmed plans to increase oil output beginning in April, following a series of production cuts aimed at stabilizing the market. This move, involving a gradual addition of 2.2 million barrels per day, reflects positive market sentiments and a healthier outlook, though countries remain flexible to adjust as needed. The decision marks the end of extended delays, with a modest initial increase of 138,000 barrels per day. This output boost comes at a time when oil prices, such as West Texas Intermediate, are trading near their lowest in three months around $68 per barrel. The U.S. administration's influence may also be a factor in this decision to increase production. OPEC+ members, including Saudi Arabia and Russia, unanimously agree on this gradual production increase after reviewing global market conditions.