The decision is a serious negative for the oil market, given that oil demand is rising too slowly to sop up all of the extra supply.

Oil prices fell on Monday afternoon to their lowest level of the year after the OPEC oil cartel and its allies affirmed plans to gradually increase crude production beginning in April.

A group of oil-producing countries known as OPEC+ will proceed with a long-delayed hike in oil production. Eight countries that have repeatedly delayed production increases will now move forward

Oil prices continued to fall after reports that OPEC+ will continue its planned production hike, while markets braced for the impact of US tariffs on Canada,

Opec+ nations have reaffirmed their December decision to proceed with a gradual and flexible return of the 2.2 million bpd voluntary output adjustments starting April 2025, while remaining adaptable t

OPEC+ has decided to proceed with a planned April oil output increase, the group said on Monday, a move that follows U.S. President Donald Trump renewing pressure on OPEC and Saudi Arabia to bring down prices.

Crude oil futures fell to their lowest this year after a surprise decision by OPEC+ to restart some halted production, a move that threatens to deepen a projected global surplus of crude.