OPEC+ was expected to delay a planned April oil output increase but is instead going ahead with it, according to a delegate cited by Bloomberg.

Oil is quickly lower.

OPEC+ is scheduled to boost output by 138,000 bpd in April, which is a small about in the 104m bpd market but the shift signals that OPEC will continue to bring on oil supplies and could be being pushed to pump more by the US administration. The delegate also says the planned hikes beyond April will go ahead.

In total, OPEC is scheduled to slowly bring on 1.65m bpd by December 2026. With this announcement, you have to start pricing in a good chance that’s all coming.

The hikes were last delayed for three months at the December meeting but the UAE and others were running out of patience, according to reports.

WTI crude initially fell about 70-cents on the report. Zooming out on the chart, there is a great deal of support into the mid-60s.