OPEC+ To Hike Oil Output As Trump Seeks Lower Prices, BofA Says

OPEC+ is expected to revive some curtailed crude production in April following US President Donald Trump’s appeals to the group to lower prices, said Jason Prior, Bank of America Corp.’s head of oil trading.

“We expect some production to be brought back to market,” Prior said in an interview Monday. The group, led by Saudi Arabia and Russia, may restore around 150,000 barrels a day of production starting in April, he said.

Trump has been pushing OPEC+ — which halted some output in 2022 — to lower oil prices in a bid to pressure Russia to end the war in Ukraine. Prices of West Texas Intermediate, which peaked in mid-January to $80 a barrel, have since retreated and are now close to $70.