OPEC+ group to accelerate oil production increases from May as prices plunge

Eight countries in the OPEC+ group, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, have agreed to accelerate plans to increase oil production. From May, the group will increase output by 411,000 barrels per day, the oil cartel said in a press release today. The group had originally been expected to increase output by just 135,000 barrels per day, Reuters reported. Following the announcement, the decline in oil prices on global markets accelerated sharply.

Oil prices had already fallen by more than four percent ahead of the OPEC+ decision, in response to new US tariffs announced by President Donald Trump on Wednesday. After the producers’ announcement, the losses deepened to more than six percent.