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OPEC+ leans towards resumption in oil output increases from April: Reuters
OPEC+ plans to resume monthly output increases in April as global oil demand is forecast to grow by 1.4 million barrels per day in 2026, exceeding the IEA estimate.
- OPEC+ sources told Reuters that the group is inclined to restart output hikes from April, though no formal decision has been taken and talks will continue before the March 1 meeting.
- Preparing for peak summer demand, OPEC+ members cite price strength from U.S.-Iran tensions and low global stocks with sanctioned barrels in floating storage, industry officials said.
- The eight OPEC+ producers — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, Oman — had reaffirmed pausing monthly increments during the first quarter, with quotas raised by about 2.9 million bpd from April to December 2025.
- Ahead of the March 1 meeting, OPEC+ delegates are inclined to resume output increases from April, which could shift market share toward Saudi Arabia and the UAE, as demand is projected to rise in spring, according to Russian Deputy Prime Minister Alexander Novak. The group's demand outlook sharply exceeds the IEA's forecast for 2026.
- Market prices show Brent trading near $68 after a six-month high of $71.89 in January, while OPEC's monthly report projects 1.4 million barrels per day demand growth for 2026, outpacing the International Energy Agency's 850,000 bpd forecast.
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This is related to tensions around Iran.
Exclusive: OPEC+ leans towards resumption in oil output increases from April, sources say
OPEC+ is leaning towards a resumption in oil output increases 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.
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Oil prices hold near $68 as OPEC+ April supply talk meets softer U.S. inflation
Brent crude rose 11 cents to $67.63 a barrel and WTI held at $62.84 after Thursday’s near 3% drop, as a softer U.S. inflation reading steadied prices. The IEA cut its demand outlook and reported a large U.S. inventory build. OPEC+ sources said the group may resume output hikes from April, with talks set for March 1. The post Oil prices hold near $68 as OPEC+ April supply talk meets softer U.S. inflation appeared first on TechStock².
Coverage Details
Total News Sources11
Leaning Left2Leaning Right2Center2Last UpdatedBias Distribution34% Left, 33% Center, 33% Right
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Left
L 34%
C 33%
R 33%
Factuality
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