OPEC+ Increases Monthly Oil Production to Curb Price Rise
OPEC+ (the Organization of the Petroleum Exporting Countries and its allies) began a gradual increase in its monthly oil production on Tuesday, starting in April, while systematically unwinding voluntary production cuts. According to reports, this decision aims to continue boosting production until May, with the goal of curbing rising oil prices.
This move comes as analysts suggest that crude oil prices have reached their highest levels in over a month. Growing geopolitical tensions, particularly due to the risks of supply disruptions, are fueling concerns in the oil market.
Market participants are closely monitoring announcements concerning tariff policies, especially those linked to customs duties, which could negatively impact global growth and energy consumption.
Regarding prices, they saw an increase on Tuesday following threats from former U.S. President Donald Trump, who contemplated imposing additional taxes on Russian crude and potential military action against Iran. However, worries about the potential impact of a trade war on global economic growth have tempered these gains.
Brent crude futures rose by 21 cents (or 0.3%), reaching $74.98 per barrel, while West Texas Intermediate futures gained 22 cents (also 0.3%), settling at $71.70 per barrel.
On Monday, at market close, both types of crude had reached their highest levels in five weeks.
