OPEC+ Announces New Production Increase
OPEC+ is moving forward with its production increases, aiming to offset previous cuts of 1.65 million barrels decided in March 2023, which reached up to 2.2 million barrels in November 2023.
This latest increase of 137 thousand barrels, the third consecutive one, aligns with recent changes and confirms the cautious and progressive production adjustment strategy decided by eight cartel members, including Russia.
Oil prices are rising slightly, with Brent up 0.69% to $65.22 a barrel and WTI up 0.71% to $61.40, as the market has already factored in this production increase.
The market has already priced in this production increase.
Author's summary: OPEC+ increases production again.