Alex Lawler

3 weeks ago | businesslive.co.za | Olesya Astakhova |Ahmad Ghaddar |Alex Lawler

London/Moscow — Eight Opec+ countries agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, an unexpected decision that prompted oil prices to extend earlier losses. Oil, which was already down over 4% on US President Donald Trump’s announcement of tariffs on trading partners, extended declines after Opec updated its plans in a statement, with Brent crude dropping over 6% towards $70 a barrel.