OPEC+ has confirmed it will move ahead with a planned oil output increase in April, despite challenges posed by fluctuating global market conditions and political pressures.
The decision to raise output by 138,000 barrels per day (bpd) is the first such increase since 2022. The move follows ongoing uncertainty over U.S. sanctions and tariffs, which have impacted global oil prices and production dynamics.
The oil cartel, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies, held a virtual meeting with eight key members discussing the output adjustments. OPEC emphasized that the increase could be paused or reversed if market conditions change. Oil prices have fluctuated recently, with benchmarks trading at around $71 per barrel at the time of the announcement, following a range of $70–$82 per barrel in recent weeks.
U.S. President Donald Trump had exerted renewed pressure on OPEC, urging the group and Saudi Arabia to take action to reduce prices after a significant rise in January. While prices have since fallen due to geopolitical factors, such as hopes for a peace deal between Russia and Ukraine, concerns over further market instability persist.
The output hike comes as OPEC+ continues to work towards stabilizing global oil markets, following substantial cuts of 5.85 million bpd implemented over the past two years. The planned increase signals a step back from these cuts, with the gradual removal of restrictions starting in April.
OPEC+ has committed to flexible output strategies, with room for adjustments based on global market conditions, making this the “last big push” in their current efforts to stabilize the oil market.
