OPEC+ Plans Possible Oil Output Hike Reversal after April

Russia's Deputy Prime Minister Alexander Novak announced that OPEC+ will begin increasing oil production from April, marking the first increase since 2022. The planned increase is set at 138,000 barrels per day, a decision influenced by seasonal demand growth and considerations regarding market imbalances. Novak emphasized that if market conditions change negatively, the group could reverse this decision. Oil prices saw an uptick following his remarks, although Brent and WTI are still on track for significant weekly declines. Kazakhstan has pledged to cut its oil production in the coming months, despite previously exceeding OPEC+ quotas, which could impact the overall output dynamics within the group. The decision appears to address both the need for increased supply during higher demand seasons and to stabilize market conditions amidst fluctuating prices.