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 with them. Those countries are: Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
They cited “healthy market fundamentals and the positive market outlook,” which could mean they expect oil prices to rise in the near future.
The production increases will begin in April, though the countries noted they could change their minds in response to “evolving conditions.”
The increase in oil output comes as President Trump has called on OPEC countries to “cut the price of oil.”
The Trump administration has repeatedly engaged with Saudi Arabia. The president’s call with Saudi Crown Prince Mohammed bin Salman was his first foreign leader call after being sworn in.
Trump also appears to have better relations with Russia than his predecessor President Biden did, and has repeatedly criticized Ukrainian President Volodymyr Zelensky, whose country Russia invaded two years ago.
