"OPEC+ May Delay the Wave of Oversupply Once Again and Begin a Small Increase in Production This Week"

Some OPEC+ representatives have expressed that they expect the organization to agree to a moderate increase in production when they review policies for April at a meeting this weekend. According to an anonymous representative, the organization led by Saudi Arabia and Russia has not yet finalized the final course of action before the video conference on Sunday. Despite expectations of oversupply in the market, strong oil demand and a price increase of about 17% have been observed. Therefore, three officials stated that they anticipate a series of minor production increases in April. Another official noted that this is a possibility, but the decision is not yet clear, as escalating tensions between the US and Iran cast a shadow over the outlook. Some analysts suggest that OPEC+ may increase production by 137,000 barrels per day, which is consistent with the slight increase implemented at the end of last year. Although reputable forecasting agencies have warned of a significant oversupply this year, this expectation has not yet suppressed prices - partly due to escalating geopolitical risks and a series of output disruptions from North America to Kazakhstan and Russia. US shale oil giant Diamondback Energy Inc. stated on Monday that the "oversupply wave" is being further delayed. One of the world's largest oil field service providers, Baker Hughes, echoed the same sentiment the following day.