Novak: OPEC+ does not consider a delay in April's oil supply increase

RIA reported that Russian Deputy Premier Alexander Novak stated on Monday that OPEC+ producers do not plan to delay a series monthly increases in oil supplies scheduled to start in April.

Bloomberg News reported Monday, citing delegates that OPEC+ (which groups the Organization of the Petroleum Exporting Countries, Russia, and other allies) was examining if it should postpone the increase in supply, despite the calls of U.S. president Donald Trump to reduce oil prices.

Three delegates from OPEC+ said that there has been no discussion about delaying the rise. The OPEC+ delegates said that there had been no discussion on delaying the increase.

Sources declined to identify themselves by name.

Morgan Stanley is one analyst who has said that they expect OPEC+'s current production levels to be increased again. Neither OPEC nor the Saudi government's communications office immediately responded to requests for comments.

OPEC+ has agreed to cut its output by 5,85 million barrels a day (bpd), which is equal to 5.7% of the global supply. This reduction was made in a series steps starting in 2022.

OPEC+ has extended the latest cuts to the first quarter 2025 in December. This means that the production increase plan will now begin in April. This extension is the latest in a series of delays caused by weak demand and increased supply outside the group.

Calculations show that based on this plan, the United Arab Emirates will begin to increase their production in April, with a 138,000 bpd monthly increase.

The increases will continue until September 2026. According to OPEC+’s past practice, a decision on whether or not the April hike will go forward is expected in early March. Reporting by Olesya A. Astakhova, Ahmad Ghaddar and Alex Lawler; Writing by Lucy Papachristou, Alex Lawler and Maha El Dahan, Editing and Publishing by Andrew Osborn, Barbara Lewis and Barbara Lewis

(source: Reuters)