OPEC+ announced a 411,000 barrels per day production increase starting in May, leading to a sharp drop in oil prices.

Brent crude fell 6.8% to $69.85, while US West Texas Intermediate dropped 7.08% to $66.63.

This production boost follows a phased reduction of previous output cuts by Saudi Arabia, Russia, Iraq, and other key members, with OPEC+ planning further adjustments based on market conditions.

The next meeting is scheduled for May 5 to review June production levels.