OPEC+ Formally Agrees to 206,000 bpd Oil Production Increase for April

OPEC+ key members led by Saudi Arabia and Russia formally agreed after a Sunday video conference to add 206,000 barrels per day in April — greater than the 137,000 bpd many analysts expected but far less than the 400,000-500,000 bpd increases some had floated. The group cited 'steady global economic outlook and current healthy market fundamentals,' without mentioning the Iran conflict. Analysts warned the increase is unlikely to calm markets as long as the Strait of Hormuz remains effectively blocked.