The 23-nation coalition of oil producing nations have decided to increase supply cautiously from May.
OPEC+ led by Saudi Arabia and Russia stated they have decided to gradually add back some 2 million barrels per barrel per day of oil production from May to July.
Starting in May an additional 350,000 barrels per day followed by the same amount in June. Come July output will be increased by 450,000 barrels per day.
This is still significantly lower than the 7 milion barrels the group cut to maintain crude prices.