3/2, 1:57 PM (Source: TeleTrader)
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OPEC+ to raise oil output by 400k bpd in April

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.

Baha Breaking News (BBN) / ND