Led by Saudi Arabia and Russia, OPEC+ will increase production by 138,000 barrels per day in April. This is the first step in a months-long phased production increase plan aimed at gradually restoring crude oil output. OPEC+ issued a statement confirming the decision to start increasing oil supply, noting that it may decide to pause or reverse this decision based on market conditions.

On Monday, Bloomberg reported that a representative said OPEC+ would proceed with the scheduled plan to increase oil production in April and continue to raise production after April. Following the news, oil prices fell in the short term, with WTI crude down 2.5% to $67.89 per barrel, and Brent crude falling 2.8% to its lowest level in nearly three months. U.S. oil stocks were hit across the board.

A representative noted, surprisingly, that OPEC+, led by Saudi Arabia and Russia, will increase production by 138,000 barrels per day in April. This is the first step in a months-long phased production increase plan aimed at gradually restoring crude oil output, with the goal of incrementally adding a total of 2.2 million barrels per day by 2026.

Shortly after the news was released, OPEC+ issued a statement confirming the decision to start increasing oil supply. OPEC+ may decide to pause or reverse the decision based on market conditions. This flexibility will allow it to continue supporting the stability of the crude oil market. OPEC+ believes that market fundamentals are healthy and the outlook is positive.

Oil traders had generally expected OPEC+ to once again delay the resumption of production increases. Low oil prices make it difficult for Saudi Arabia and many OPEC member countries to sustain government spending, while the global market expects a supply surplus later this year.

Reuters, citing informed sources, reported that OPEC+ was hesitant about proceeding with the plan to increase oil production in April due to uncertainties surrounding Trump's tariffs and Western sanctions on Iran and Russia. Russia and the UAE might persuade OPEC+ to push forward with the original plan to increase oil production; however, "big brother" Saudi Arabia and other oil-producing countries tend to favor delaying the production increase plan.

From the latest developments, under repeated pressure from U.S. President Donald Trump to lower oil prices, OPEC+ ultimately decided to proceed with the plan to restore crude oil production, which had been delayed multiple times:

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