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LONDON/MOSCOW: Eight OPEC+ countries agreed on Thursday to advance their plan for oil output hikes by increasing oil output by 411,000 barrels per day in May, prompting oil prices to extend earlier losses.
“This comprises the increment originally planned for May in addition to two monthly increments,” OPEC said in a statement.
Oil, which was already down over 4 percent on US President Donald Trump’s announcement of tariffs on trading partners, extended declines after the OPEC statement, with Brent crude dropping over 5 percent toward $71 a barrel.