Oil prices have seen a decrease due to OPEC+ supply cuts highlighting the ongoing weak demand in the market.

The decrease in oil prices can be attributed to the decision made by the Organization of the Petroleum Exporting Countries and its allies to postpone the increase in oil output by three months. This delay, now scheduled to start in April, reflects the current challenges in the oil market and aims to stabilize prices amidst fluctuating demand.

Furthermore, the group has extended the timeline for fully reversing production cuts by a whole year, pushing the deadline to the end of 2026. This decision is a response to the ongoing weak demand and is expected to have an impact on oil prices. Brent crude is expected to decline by over 1% for the week, while West Texas Intermediate (WTI) has managed a small increase of 0.1%.