OPEC+ To Proceed With Oil Output Increase In April
Oil Prices Drop 2% To 12-Week Low As OPEC+ Confirms Output Increase
OPEC+ decided to increase production as planned in April, and international oil prices fell by 2%.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced on Monday that they will increase oil production as planned in April.
Update: WTI Crude Oil Falls to a Three-Month Lows as OPEC+ to Proceed With Supply Additions
Trump's pressure was effective, OPEC+ unexpectedly decided to start increasing oil supply, leading to a sharp decline in oil prices.
OPEC+, led by Saudi Arabia and Russia, will increase daily production by 0.138 million barrels in April. This is the first step in a gradual increase plan spanning several months, aimed at gradually restoring Crude Oil Product output. OPEC+ issued a statement confirming the decision to start increasing oil supply, and OPEC+ may decide to suspend or reverse this decision based on market conditions.
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