OPEC+ weighs boosting oil output by 500,000 bpd from April – Reuters

Eren Sengezer FXStreet

OPEC+ oil producers will discuss a 500,000 barrels per day (bpd) increase in the oil output from April, Reuters reported on Wednesday, citing OPEC+ sources familiar with the matter.

Sources further noted that they expect Saudi Arabia to end the voluntary cut of 1 million bpd from April. "Some in OPEC+ urge group to hold output steady if the entire Saudi cut is returned to market from April," they added.

Market reaction

Crude oil prices showed no immediate reaction to this headline. As of writing, the barrel of West Texas Intermediate (WTI) was up 3.2% on the day at $63.15.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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