OPEC+ Announces New Production Increase
OPEC+ is continuing its production increases, aiming to reabsorb previous cuts of 1.65 million barrels decided in March 2023, which reached up to 2.2 million barrels in November 2023.
This latest increase of 137 thousand barrels, the third consecutive one, is in line with recent changes and confirms the strategy of cautious production adjustment decided by eight members, including Russia.
Oil prices are rising, with Brent increasing by 0.69% to $65.22 a barrel and WTI advancing by 0.71% to $61.40, as the market has already priced in this production increase.
No direct quotes available in the given text.
Author's summary: OPEC+ increases production again.
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