OPEC+ is weighing yet another delay to its plan to unwind voluntary production cuts and resume monthly supply hikes from April, despite President Donald Trump’s calls for the group to lower prices, Bloomberg reported citing unnamed delegates. If it decides to push back the move, it’d be the fourth time that the Saudi Arabia-led oil producing alliance has delayed plans to restart production hikes since 2022. While a decision will likely be finalized in the coming weeks, the group is split on how to proceed. A delegate cited in the report said global oil markets continue to be too fragile to restart production. OPEC+ in 2022 agreed to cut oil production by 2M barrels per day to support oil prices, as well as additional voluntary cuts by eight members. The alliance first unveiled plans to revive production last June, but postponed the move three times amid China’s slowing oil demand and supplies swelling in the Americas. Trump last month called on OPEC+ to lower oil prices, implying a need to raise output. But the International Energy Agency continues to expect the alliance to call off plans to revive production, as it sees global supplies overshooting demand by 450,000 bbl/day this year.
Nick Note let’s get real here does anyone really believe that OPEC is happy with oil at $75 a barrel? I think not the Saudis are hosting the negotiations between the US and Russia over the Ukraine war. The Saudis BFF is Russia the two of them dominate world export oil production. Their is only 1 reason why the Saudis has got their dick in the wick. That’s because the one thing they don’t want to come out of this negotiation is lifting of sanctions. In such a way that it increases the global oil supply and brings prices lower. The Saudis are inserted themselves into the process is to protect their own selfish interests. I’ll have more of this story throughout the day. But rest assured OPEC is not going to increase production no way in hell and oil prices are not going to go much lower until such time as their is peace in the valley. And sanctions are lifted. And the sword dangling over the head of the world market is what happens with Iran. Till these issues are resolved oil prices are going to stay steady and go higher on balance.