Commodities
OPEC+ to Begin Long-Delayed Supply Hike Amid Trump Pressure
- Benchmark Brent crude drops as much as 2.8% in London
- Crude traders had widely expected the group to delay hike
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OPEC+ will proceed with plans to revive halted oil production after repeated delays, amid pressure from President Donald Trump to lower oil prices.
In a surprise move that sent crude tumbling, the group led by Saudi Arabia and Russia will go ahead with the increase of 138,000 barrels a day in April, according to a statement posted on the group’s website. It will be the first in a series of monthly hikes to revive production halted for more than two years, which will gradually restore a total of 2.2 million barrels a day by 2026.