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OPEC+ sources told Reuters the group will discuss raising output by up to 500,000 barrels per day from April at its March 4 meeting. Saudi Arabia has not committed to extending its extra 1 million barrels per day cut beyond March.
Brent has risen above $67 a barrel and US crude inventories have returned to their five-year average.
A possible increase in OPEC+ supply, together with a possible end to the Saudi cut, would add up to 1.5 million barrels per day to the market. That would weigh on crude prices unless demand recovery absorbs it.
oilprice.comJulianne GeigerFeb 24, 2021After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
