OPEC+ Holds Steady with April Oil Output Increase

OPEC+ is set to proceed with its scheduled oil output increase in April. This decision follows a series of production cuts since 2022 to support the market. The gradual unwinding will involve a monthly increase of 138,000 bpd, starting next April, despite previous delays.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have confirmed plans to move forward with a scheduled increase in oil output this April, according to three sources from the group who spoke to Reuters. This decision marks the continuation of a strategy implemented to stabilize the oil market.

Since 2022, OPEC+ has been curbing oil production by 5.85 million barrels per day, approximately 5.7% of the global supply, through a series of stepwise reductions. In the last modification in December, OPEC+ extended these production cuts through the first quarter of 2025, delaying the output hike plan to start in April.

Based on this plan, OPEC+ intends to gradually lift 2.2 million barrels per day of the most recent production cuts, beginning with an increase of 138,000 barrels per day in April. The sources, who chose to remain anonymous, confirmed the rollout of this increase as scheduled.

(With inputs from agencies.)