OPEC+ and seven member countries have agreed on a new production cut plan for a reduction between 189,000 barrels per day and 435,000 barrels per day, lasting until June 2026. The latest production plan has raised expectations of tighter supply, increasing international crude oil prices on March 21.

West Texas Intermediate (WTI) crude for May delivery increased by US$0.21 (0.3%), reaching US$68.28/barrel on the New York Mercantile Exchange. Brent crude for the May delivery rose by US$0.16 (0.2%), settling at US$72.16/barrel.