OPEC and its allies have announced plans to increase oil production starting April 1, a decision that has surprised the markets and led to a further drop in crude prices.
The move to boost production comes after pressure from President Donald Trump, who urged Saudi Arabia and OPEC to lower oil prices to help address the Russia-Ukraine conflict. OPEC+, which consists of core OPEC nations and allies like Russia, has been limiting oil supply in recent years to support higher prices. However, plans to increase production have faced delays in recent months.
