Global Oil Prices Extend Rally as Eight Producing Nations Agree to Increase Output

Deep News08:21

Amid heightened tensions in the Middle East, international crude oil prices continued their upward trend. On April 5 local time, the price of U.S. crude oil futures for May delivery opened above $113 per barrel, marking an increase of over 2%. Brent crude futures also surpassed $110 per barrel, rising by approximately 1.7%.

On the same day, eight member countries of the OPEC+ alliance, which consists of OPEC and non-OPEC oil producers, held a meeting and decided to raise crude oil production by 206,000 barrels per day starting in May 2026. This decision continues the group's earlier plan to gradually phase out voluntary production cuts.

The participating countries included Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. No other adjustments were made to the existing production policy during the meeting.

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