OPEC+ Moves Forward with April Oil Output Increase Amid Global Pressures

OPEC+ has confirmed it will implement an April increase in oil output by 138,000 barrels per day. This marks the first rise since 2022, amidst pressure from U.S. President Trump to lower prices. The decision comes as market conditions face complexities from international sanctions and global tariffs.

OPEC+ announced plans to proceed with an increase in oil output in April, marking the first rise since 2022. The group's decision follows persistent pressure from U.S. President Donald Trump urging OPEC and leading producer Saudi Arabia to lower oil prices.

This increase, implemented after a virtual meeting of OPEC+ members, is calculated to be 138,000 barrels per day. The organization has highlighted the flexibility of this plan, stating it could be paused or reversed depending on market conditions, aiming to maintain oil market stability.

Global oil prices have seen fluctuations between $70 to $82 a barrel, influenced by looming changes in U.S. sanctions on key oil producers and U.S. tariffs on China. The decision-making complexity for OPEC+ is compounded by these factors, alongside Trump's global tariff plans, indicating a challenging outlook for the oil market.

(With inputs from agencies.)