financetom
Business
financetom
/
Business
/
OPEC+ to proceed with planned April oil output hike, sources say
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
OPEC+ to proceed with planned April oil output hike, sources say
Mar 3, 2025 11:00 AM

LONDON (Reuters) -OPEC+ has decided to proceed with a planned April oil output increase, three sources from the producer group told Reuters on Monday.

OPEC+, which includes OPEC members plus Russia and other allies, has been cutting output by 5.85 million barrels per day (bpd), equal to about 5.7% of global supply, agreed in a series of steps since 2022 to support the market.

In December, OPEC+ extended its latest layer of cuts through the first quarter of 2025, pushing back the plan to begin raising output to April. The extension was the latest of several delays.

Based on that plan, the gradual unwinding of 2.2 million bpd of cuts - the most recent layer - begins in April with a monthly rise of 138,000 bpd, according to Reuters calculations.

This increase will go ahead as planned, the three OPEC+ sources said on Monday, declining to be identified.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved