Oil Prices Jump As OPEC+ Sticks With 400,000 Bpd Output Hike

In the shortest meeting so far in its history, OPEC+ decided on Wednesday to increase the collective production by 400,000 barrels per day (bpd) in March, keeping unchanged the plan to boost output and pushing Brent above $90 per barrel again with the per-usual modest production hike. The ministers of the OPEC+ alliance, who met via video conference, rubberstamped in just 16 minutes the monthly production hike of 400,000 bpd for March. Some analysts, and possibly traders, had expected a higher production increase, considering the recent rally in…