Some OPEC+ countries believe that oil production increases can resume in April, as they consider fears of oversupply on the market to be exaggerated. The coalition led by Saudi Arabia and Russia has not yet made a decision, and formal talks ahead of the March 1 meeting have not yet begun. The final direction may depend on whether US President Donald Trump decides to take military action against Iran or whether a nuclear agreement is reached with that country, according to Bloomberg.
This information comes as quite a surprise, as until recently it was widely believed that OPEC would only maintain production in the near future.
WTI crude oil is falling sharply a few minutes after the publication of the OPEC information. Source: xStation
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