OPEC+ to raise oil output by 400k bpd in April - Breaking The News

OPEC+ to raise oil output by 400k bpd in April

2 March

1 min read

EPA-EFE/CHRISTIAN BRUNA

The Organization of the Petroleum Exporting Countries and its allies agreed on Wednesday to increase the production of crude oil as planned by 400,000 barrels a day from next month.

The prices of crude continued to surge following the decision, with Brent for May deliveries rising 6.56% to $111.90 per barrel at 7:57 am ET, and West Texas Intermediate for settlements in April jumping 6.49%, selling for $110.12 a barrel.

The next OPEC+ meeting is scheduled to take place on March 31.

opec oil

Related Stocks

Brent Crude (ICE)

F WBS

US oil inventories reportedly up by 6M barrels

12 hours ago

Crude oil inventories in the United States increased by 6.037 million barrels in the week that ended April 1, private data from the American Petroleum Institute (API) reportedly showed on Tuesday.Distillate inventories are said to have decreased by 11,000 barrels, and gasoline stockpiles fell by 1.6 million barrels. During the corresponding week, reserves in Cushing, allegedly jumped by 2.244 million barrels.

Trump hopes to avoid secondary oil tariffs on Russia

31 March

United States President Donald Trump said he would consider secondary sanctions on Russian oil if he believed Russian President Vladimir Putin was not meeting expectations.Speaking about the issue, the US president said he wanted to ensure Putin followed through on commitments but expressed confidence that he would. "I don't wanna go secondary tarrifs on his oil," Trump said.Trump also referenced his past actions on Venezuela, saying he had...

Oil jumps, highest since late February

31 March

The price of oil futures jumped on Monday, with both West Texas Intermediate (WTI) and Brent reaching their highest point since late February, as worries on the supply side grew.Recently, United States President Donald Trump warned that he would slap additional tariffs on Russian crude if Russian President Vladimir Putin continued to stall negotiations to end the war in Ukraine.WTI for May deliveries soared 2.41% at 11:45 am ET, going for $71.27 per barrel....

France's M&P confirms its Venezuela license revoked

31 March

French oil company Etablissements Maurel et Prom S.A., better known as Maruel & Prom and M&P, confirmed on Monday that the United States Treasury Department Office of Foreign Assets Control (OFAC) revoked the licence given to the company to operate in Venezuela, effective May 27."M&P is currently assessing the implications of this decision in close consultation with its legal advisors. The Group remains actively engaged with US authorities and...

This website uses cookies to ensure you get the best experience. Our Terms of Use and Data Protection Policy explain the data we collect, why we collect them, and how we may share them.