OPEC+ Blinks: First Output Hike Since 2022 Shakes Markets

OPEC+ has finally decided to go through with its long-delayed oil production increase, adding about 138,000 barrels per day to its production plans beginning in April, according to Reuters calculations. It’s the first output hike for OPEC since 2022, marking a cautious step toward unwinding the 2.2 million bpd in cuts the cartel has been clinging to like a security blanket. Oil prices were trading deep in the red in afternoon trade. The decision comes as U.S. President Donald Trump renews his calls for lower oil prices, pressuring Saudi Arabia…