OPEC+ to Gradually Increase Oil Production After Years of Cuts

The oil cartel and its allies will begin unwinding 2.2 million barrels per day in voluntary production cuts starting in April, despite market uncertainty and falling prices.

OPEC+ has announced plans to increase oil production by 2.2 million barrels per day over the next 18 months, beginning April 1, 2025.
This marks the first production increase since October 2022, following nearly three years of voluntary cuts aimed at supporting prices.
Brent crude oil prices have dropped to a five-month low, trading at approximately $71 per barrel, as global demand remains weak, particularly in China.
The decision is seen as a response to internal pressures within OPEC+ to address overproduction by members like Russia, Iraq, and Kazakhstan, as well as external market realities.
While some have speculated U.S. President Trump's calls for lower oil prices influenced the move, analysts note the plan was set before his administration and reflects broader market strategies.