According to sources familiar with the matter, Reuters agency confirmed that the OPEC+ alliance will continue to implement its gradual plan to restore oil production according to the previously set timeline. The organization announced last month its intention to increase production starting from April, as part of its efforts to bring additional quantities of crude back to global markets.
This step is based on a well-designed plan aimed at gradually rolling back voluntary cuts of 2.2 million barrels per day, which are scheduled to be implemented throughout this year and next, while closely monitoring global demand developments and oil prices.
Prior to this report, oil prices saw a noticeable improvement, with West Texas Intermediate rising by 91 cents to reach $69.26 per barrel, reflecting market anticipation regarding the execution of the OPEC+ plan and its impact on the balance of supply and demand globally.
