OPEC+ production increase plan may be delayed by three months, WTI crude oil prices hit the biggest gain in two weeks WTI crude oil futures prices hit their biggest gain in more than two weeks on Tuesday. The main logic is that the United States has implemented more stringent sanctions on Iranian crude oil. More importantly, the "OPEC+" organization led by Saudi Arabia and Russia has reached an agreement. There has been positive progress on an agreement to reduce oil supply to the market. Some media reported, citing people familiar with the matter, that OPEC+ is close to reaching an agreement to postpone the oil production increase plan for another three months. It is expected to be officially announced at the meeting on Thursday. This news can be said to temporarily significantly alleviate the market's concern about the oil market. Pessimistic expectations of oversupply. At the close of commodity trading on Tuesday, WTI crude oil futures prices, the benchmark for North American crude oil pricing, rose 2.7% to close at nearly $70 a barrel, the largest one-day rise since November 18. Brent crude oil futures prices, the international crude oil pricing benchmark, rose 2.5% on Tuesday to around $73.7. During early Asian trading on Wednesday, optimism surrounding OPEC+'s postponement of production increases spread, with WTI crude oil and Brent crude oil futures prices rising slightly. Some OPEC+ representatives said the oil producer group was finalizing a deal to delay plans to resume oil production by another three months, according to people familiar with the matter. The organization's energy chiefs will formally finalize specific capacity plans at an online meeting on Thursday. In addition, according to the latest disclosure by the U.S. government, the U.S. Treasury Department decided to impose sanctions on 35 entities and ships because they played an important role in transporting illegal Iranian oil to foreign markets. Subsequently, crude oil prices continued to rise.