OPEC Oil Producers + will discuss a 500,000 barrels per day (bpd) increase in oil production starting in April, Reuters reported on Wednesday, citing OPEC + sources familiar with the matter.
The sources further noted that they expect Saudi Arabia to end the voluntary 1 million bpd cut from April. “Some in OPEC + urge the group to keep production stable if the entire Saudi cut is returned to the market from April,” they added.
Market reaction
Crude oil prices did not show an immediate reaction to this headline. At the time of writing, the barril de West Texas Intermediate (WTI) it was up 3.2% on the day at $ 63.15.
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