OPEC+ Announces New Production Increase
OPEC+ is continuing 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 the changes made in recent months and confirms the cautious and progressive production adjustment strategy decided by eight cartel members, including Russia.
Oil prices are rising slightly, with Brent increasing by 0.69% to $65.22 per barrel and WTI advancing by 0.71% to $61.40, as the market has already factored in this production increase.
These increases indicate a steady approach by OPEC+ to adjust production levels.
No comment
Author summary: OPEC+ increases production again.