Oil Prices Rise As OPEC+ Agrees To Hike Output With 350,000 Bpd In May

The OPEC+ ministerial meeting is discussing gradual production increases over the next three months, sources say, while the group was still debating as of 11:10 a.m. EDT on Thursday how to proceed with its oil supply management policies. The OPEC+ alliance is reportedly debating raising its oil output by 350,000 bpd in each of May and June and by 400,000 bpd in July, a source told Reuters. The market was more or less expecting a rollover of the current cuts or just a slight increase in view of the recent weakness in oil demand with European lockdowns…