Sources say that OPEC+ will consider an increase in oil production of 137,000 bpd for April.
OPEC+ will likely consider?raising their oil output by 137,000 barrels a day for April. Three sources familiar with OPEC+'s thinking stated that the group is preparing for the peak summer demand as well as a price increase due to tensions between the U.S.
After a three-month pause, the OPEC leader Saudi Arabia, and other OPEC+ countries such as Russia, Iran and Kazakhstan, are facing Western sanctions, while Kazakhstan is recovering from a series oil production setbacks.
On March 1, eight OPEC+ producers – Saudi Arabia, Russia and the United Arab Emirates as well as Kuwait, Iraq, Algeria, and Oman – will meet.
Two sources familiar with the Saudi plan said that Saudi Arabia had activated its plan to increase short-term production and exports of oil in the event that a U.S. attack on Iran disrupted the Middle East's oil flows.
U.S. President Donald Trump said that he was considering a strike against Iran in order to press its leaders into agreeing to a deal curbing Tehran's nuclear program.
OPEC, the authorities of Russia and Saudi Arabia and the OPEC did not immediately respond to requests for comments.
BRENT CRUDE NEAREST HIGHEST SINCE JANUARY
Eight members increased production quotas from April until the end of December 2025 by approximately 2.9 million barrels a day, which is about 3% global demand. They also frozen further planned increases between January and March 2026 due to a seasonal drop in consumption.
Brent crude is currently trading at $71 per barrel despite fears of a glut in supply this year. This is not far from the seven-month high reached last week due to tensions between Iran and the United States.
Three sources who refused to be identified by name said that the eight members were likely to decide on March 1st, to increase their production by 137,000 bpd for April. All three sources, who declined to be?identified by name, said that an increase of 137,000 bpd was likely made on March 1 by the eight members?for April.
The increase in April of '137,000 bpd would be the same as that agreed on for December, November and October last year.
OPEC+ is a group that includes the Organization of Petroleum Exporting Countries, Russia, and other allies. It pumps around half of the oil in the world. Reporting by Olesya Astrakhova, Moscow; Alex Lawler, Dmitry Zhdannikov and David Goodman in London. Editing by Louise Heavens & David Goodman
(source: Reuters)
