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OPEC+ has agreed to raise the group’s oil production by 75,000 barrels per day (bpd) in February and another 75,000 (bpd) in March, Reuters reported on Tuesday, citing the draft statement.

The increase will reportedly come on the back of higher production from Russia and Kazakhstan and added the output strategy for April will be decided at next month’s meeting.

Meanwhile, two sources told Reuters that Saudi Arabia has offered to make additional voluntary cuts in the excess of 400,000 barrels per day for February and March.

Market reaction

The barrel of West Texas Intermediate (WTI) clings to strong daily gains and was last seen rising 5% at $49.70.