Russia claims that OPEC+ monitor panel will likely discuss oil price increase

?Russian foreign?ministry? said?on?Wednesday that it expects OPEC+ to discuss the recent increase in oil prices at its meeting on April 5th.

Brent front-month futures have hit a'record gain' of 64% for the month of March according to LSEG data going back to June 1988. U.S. benchmark West Texas Intermediate has risen by around 52% this month. This is its largest jump since May 2020, due to Iran's war.

On Sunday, the 'Joint Ministerial Monitoring Committee of OPEC+' will hold an online meeting.

OPEC+ (OPEC+ includes Russia) and its allies had agreed to maintain production in the first quarter 2026 and resume increasing supplies by April. Eight members who have been increasing production are due to also meet on April 5.

The ongoing conflict has led to a significant drop in oil supplies and a rise in energy prices. This topic is expected to dominate the 65th meeting of the OPEC+ Joint Monitoring Committee,' said Maria Zakharova at a weekly press briefing. (Reporting and writing by Dmitry Antonov, Editing by Louise Heavens & Tomasz janowski; Writing by Vladimir Soldatkin)

(source: Reuters)