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- OPEC+ agrees to stick to existing plan to raise oil output by 400K BPD in April as expected - Reuters
OPEC+ agrees to stick to existing plan to raise oil output by 400K BPD in April as expected - Reuters
OPEC+ has agreed to stick to its existing output plan which entails 400K barrel per day hikes to oil output quotas each month in April, Reuters reported citing sources. The meeting of OPEC+ member nation oil ministers has now ended, Reuters reported. OPEC+ did not discuss increasing output quotas at a faster pace, Energy Intel reported.
Market Reaction
The very much expected outcome of Wednesday's meeting has not seemingly had much immediate impact on crude oil markets, which remain choppy, volatile and trading with a firmly upside trading bias. Front-month WTI futures are currently swinging near the $110 level, up roughly another $3.50 on the session, taking weekly gains to about.
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