Business News of Monday, 2 March 2026Source: www.ghanaweb.comEight members of Organization of the Petroleum Exporting Countries (OPEC+) have agreed to begin a gradual increase in oil production starting April 2026, citing improved global economic conditions and stronger market fundamentals. The mission of OPEC is to coordinate and harmonise petroleum policies among member states to stabilise global oil markets, ensuring reliable supply to consumers, stable income for producers, and fair returns for industry investors. The decision was reached during a virtual meeting held on March 1, 2026, involving Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman to review global oil market conditions and outlook. The group agreed on a production adjustment of 206,000 barrels per day, which will take effect in April 2026. The next meeting of the eight OPEC+ countries is scheduled for April 5, 2026, where members will again review market developments and determine the next steps in production policy.

Source: GhanaWeb March 02, 2026 10:54 UTC