Oil prices climbed on Thursday despite the surprise decision by OPEC+ to increase production, a decision that has been seen as promising for demand. Oil prices rose despite OPEC+’s decision to increase production. In fact, rather than a bearish move, investors interpreted the decision as a vote of confidence in demand. “The [supply] deficit that we’re already in is likely to accelerate,” Jeff Currie, head of commodities research at Goldman Sachs Group Inc., said in a Bloomberg Television interview OPEC+ agrees to gradually increase production. OPEC+ decided to add more than 2 mb/d over the next few months, betting on rising demand. The deal calls for a 350,000-bpd increase in May, followed by the same amount in June, and then by 450,000 bpd in July. At the same time, Saudi Arabia will ease its voluntary 1 mb/d cuts by July. OPEC+ surprised markets last time around by maintaining cuts, […]