OPEC+ to proceed with planned April oil output hike

LONDON - OPEC+ has decided to proceed with a planned April oil output increase, three sources from the producer group told Reuters on Monday.

OPEC+, which includes OPEC members plus Russia and other allies, has been cutting output by 5.85 million barrels per day (bpd), equal to about 5.7% of global supply, agreed in a series of steps since 2022 to support the market.

In December, OPEC+ extended its latest layer of cuts through the first quarter of 2025, pushing back the plan to begin raising output to April. The extension was the latest of several delays.

Based on that plan, the gradual unwinding of 2.2 million bpd of cuts - the most recent layer - begins in April with a monthly rise of 138,000 bpd, according to Reuters calculations.

This increase will go ahead as planned, the three OPEC+ sources said on Monday, declining to be identified.