OPEC+ Maintains Monthly Oil Supply Increase Schedule
OPEC+ member countries, including Russia, have no plans to delay the scheduled monthly oil supply increases beginning in April, according to Russian Deputy Prime Minister Alexander Novak.
Despite US President Donald Trump's request for lower oil prices, OPEC+ delegates have refuted any discussions regarding a potential postponement. Market analysts anticipate that the oil market can absorb the additional supply due to increased Chinese demand and stricter sanctions.
OPEC and Saudi Arabia have not yet issued an official statement. Since 2022, OPEC+ has agreed to cut output by 5.85 million barrels per day (bpd), representing approximately 5.7% of global supply.
In December, OPEC+ extended its current production cuts through Q1 2025, postponing the planned output increase to April. This extension was one of several due to weak demand and rising external supply.
According to Reuters calculations, the planned increase of 138,000 bpd per month will commence in April, unwinding the most recent 2.2 million bpd cut and marking the beginning of an increase for the United Arab Emirates.