OPEC+ to revive oil production after repeated delays, Trump pressure
(Bloomberg) – OPEC+ will proceed with plans to revive halted oil production after repeated delays, amid pressure from President Donald Trump to lower oil prices.
In a surprise move, the group led by Saudi Arabia and Russia will go ahead with the increase of 138,000 barrels a day (bpd) in April, a delegate said. It’s the first in a series of monthly hikes to revive production halted for more than two years, which will gradually restore a total of 2.2 million bpd.
Crude traders had widely expected that OPEC+ would once again delay the restart, which it had postponed three times since first announcing a supply roadmap last June. Oil prices are too low for the Saudis and many other members to government spending, and global markets are on track for a supply surplus later this year.
