Oil closes lower as OPEC+ prepares to raise output

Oil drilling rigs

Oil prices turned lower today, March 3, after OPEC+ announced it would go ahead with a planned increase in oil production in April. Brent crude futures for May delivery — the most active contract — fell 1.65%, or $1.19, to settle at $71.62 a barrel, after touching $73.67. WTI crude futures for April delivery fell 2%, or $1.39, to $68.37 a barrel, after touching $70.60.

OPEC+ said in a statement published by the Organization of the Petroleum Exporting Countries (OPEC) today that the eight countries that implemented additional voluntary adjustments in 2023 confirmed their decision agreed upon in December to gradually return to previous production levels by lifting voluntary restrictions that include 2.2 million barrels per day.

Meanwhile, the Energy Information Administration data showed that monthly US crude oil production rose to 418.2 million barrels in December 2024 from 401.9 million barrels last November, recording an all-time high.