Lates News

Some OPEC+ representatives have indicated that the organization is expected to agree to a slight increase in production when they review the April policy at a meeting scheduled for this weekend. According to three representatives, OPEC+ had not yet decided on a course of action before the video conference on Sunday. The escalating risk of conflict between the US and Iran has cast a shadow over the prospects. Despite widespread expectations of oversupply, strong oil demand has led to a price increase of about 17%. Many officials have stated that they expect a series of small price increases to begin in April and have emphasized the possibility of this happening. Some analysts suggest that OPEC+ may increase production by 137,000 barrels per day, in line with the smallest increase at the end of last year. While well-known forecasting agencies have warned of a severe oversupply this year, it has not yet put pressure on oil prices. This is partly due to the escalating geopolitical risks and a series of production interruptions from North America to Kazakhstan and Russia. On Monday, US shale oil giant Diamondback Energy stated that the oversupply situation has been further delayed, a sentiment echoed the next day by one of the world's largest oilfield service providers, Baker Hughes.