OPEC+ Agrees to Increased Oil Output in March

A group of the most powerful oil producers in the world agreed to go ahead with the planned increase in oil output on Wednesday. The decision has come at a time when crude prices are already trading at record levels during the geopolitical tensions.

OPEC and non-OPEC partners form an influential energy alliance called the OPEC+. The OPEC+ has given the go-ahead for returning the oil production to 400,000 barrels per day in March.