Feb. 16 at 9:01 PM
OPEC+ is expected to resume oil output increases after pausing hikes in the first quarter, according to Kpler’s senior analyst Naveen Das. The alliance plans to gradually unwind the remaining portion of its 1.66 million barrels per day voluntary cuts over six months. However, some members—like Russia—have limited capacity to boost production, so Das does not expect a significant drop in Brent crude prices, which Kpler forecasts to average
$65 per barrel this year. OPEC+ members are scheduled to meet virtually on March 1 to discuss production plans.
Meanwhile, oil prices remain broadly steady ahead of a second round of U.S.-Iran talks this week. Brent crude rose 0.1% to
$67.60 per barrel, while WTI held flat at
$62.30 after posting weekly losses. Analysts at Saxo Bank note that, without Middle East supply disruptions, sustained moves above
$70 per barrel appear limited, especially as some OPEC members consider resuming output increases in April.
$XOM $SHEL $CVX