Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 13 months. The rise was stimulated by monetary easing policies and lower crude production in the United States.
OPEC+ Considers increased oil Production
OPEC+ is set to meet on March 4, where it will discuss raising output to as much as half a million barrels per day starting in April, the sources said.
OPEC+ members are currently suppressing oil production by more than 7 million barrels per day, but with oil prices now on the rise and the markets getting the idea that the market could be tightening, OPEC+ may consider loosening the reins.
In January, Saudi Arabia announced that it would voluntarily cut an additional 1 million BPD from its quota in February and March.
However, Saudi Arabia has not committed to cutting this additional million barrels beyond March, so it’s possible that this OPEC+ meeting will end with an additional 1.5 million barrels added into the mix: an additional 500,000 BPD added to the production quotas and an additional million BPD from Saudi Arabia.