Jin10 data reported on April 3 that eight OPEC+ member countries agreed on Thursday to advance their oil production increase plan, raising oil output by 411,000 barrels per day in May. This unexpected decision prompted a further decline in oil prices. Previously, after Trump announced tariffs on trade partners, oil prices had already fallen by more than 4%. Following the announcement from OPEC, oil prices continued to decline, with Brent crude futures dropping over 5% to $70 per barrel. The eight OPEC+ member countries, including the Organization of the Petroleum Exporting Countries and allies led by Russia, had initially planned to increase production by 135,000 barrels per day in May as part of a gradual easing of the recent production cut plan. However, after an online meeting on Thursday, the organization announced that it would raise daily output by 411,000 barrels in May. OPEC+ stated that the market fundamentals remain healthy and the market outlook is optimistic.
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OPEC+ exceeds expectations for production increase, oil prices fall further.
Jin10 data reported on April 3 that eight OPEC+ member countries agreed on Thursday to advance their oil production increase plan, raising oil output by 411,000 barrels per day in May. This unexpected decision prompted a further decline in oil prices. Previously, after Trump announced tariffs on trade partners, oil prices had already fallen by more than 4%. Following the announcement from OPEC, oil prices continued to decline, with Brent crude futures dropping over 5% to $70 per barrel. The eight OPEC+ member countries, including the Organization of the Petroleum Exporting Countries and allies led by Russia, had initially planned to increase production by 135,000 barrels per day in May as part of a gradual easing of the recent production cut plan. However, after an online meeting on Thursday, the organization announced that it would raise daily output by 411,000 barrels in May. OPEC+ stated that the market fundamentals remain healthy and the market outlook is optimistic.