OPEC+ weighs boosting oil output by 500,000 bpd from April – Reuters
|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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.