On February 24 local time, Bloomberg reported that Jason Prior, head of the oil trading department at Bank of America, stated that OPEC+ is expected to resume oil production of about 150,000 barrels per day starting in April. Previously, OPEC+ had reduced crude oil production due to decreased global demand for oil.
Analysts indicated that Trump has been pressuring OPEC+ to lower oil prices, and this decision by OPEC+ to restore production was made under Trump's urging.
Earlier, Michael Hartnett, chief strategist at Bank of America, known as &#34;the most accurate analyst on Wall Street,&#34; also stated in a report that Trump may reach an agreement with OPEC+ countries such as Saudi Arabia and Russia (the so-called &#34;Riyadh Agreement&#34;) to increase crude oil production in exchange for lifting sanctions on Russia and other policy support, thereby reducing energy prices and alleviating inflationary pressures.
According to Hartnett, the &#34;Riyadh Agreement&#34; may include two core deals: Saudi Arabia leading OPEC+ to increase production by 5-6 million barrels per day in exchange for the U.S. lifting sanctions on Russia and providing military protection; and oil revenues being re-anchored to U.S. Treasury allocations.
In mid-January, the price of U.S. crude oil (WTI) reached a peak of $80 per barrel but has since fallen back, currently reported at $70 per barrel.
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Jason Prior, head of the oil trading department at Bank of America, stated that OPEC+ is expected to resume approximately 150,000 barrels per day of oil production starting in April. Previously, Bank of America chief strategist Michael Hartnett also mentioned in a report that Trump might reach an agreement with OPEC+ countries to increase crude oil production in exchange for policy support such as lifting sanctions on Russia, thereby lowering energy prices and alleviating inflationary pressures

- On February 24, Bloomberg reported that Jason Prior, head of the oil trading division at Bank of America, indicated OPEC+ is expected to restore approximately 150,000 barrels per day of oil production starting in April.  
- Analysts noted that former President Trump has been pressuring OPEC+ to lower oil prices, and this production increase aligns with his urging.  
- Chief strategist Michael Hartnett suggested a potential "Riyadh Agreement" where OPEC+ would increase production in exchange for U.S. support in lifting sanctions on Russia, aiming to reduce energy prices and alleviate inflationary pressures.