OPEC+ leans towards resumption in oil output increases from April, sources say
- Eight OPEC+ producers - Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – meet on March 1
MOSCOW/LONDON: OPEC+ is leaning towards resuming increases to oil output from April, three OPEC+ sources said, as the group prepares for peak summer demand and price strength is bolstered by tensions over U.S.-Iran relations.
The resumption of production increases will allow OPEC leader Saudi Arabia and fellow member the UAE to regain market share at a time members such as Russia, Venezuela and Iran contend with Western sanctions and a series of setbacks restrain Kazakh output.
Eight OPEC+ producers - Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – meet on March 1.
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No decision has yet been made and talks will continue in the weeks ahead of the meeting, two of the sources said.
OPEC and authorities in Russia and Saudi Arabia did not reply immediately to requests for comment.