OPEC+ meets next on March 4. The two questions occupying the oil market are:
- whether Saudi Arabia scales back its 1 million bbl/d voluntary cut (which is due to end next month)
- and whether there will be an additional increase in supply from the whole group
Recently, Russian Deputy PM Novak expressed support for a gradual increase in oil output, which comes as demand is seen improving as COVID-19 vaccines are rolled out.
Saudi Arabia is said to want to maintain output pretty much around the current level.
Any agreement to boost supply would take effect from the following month, April, most likely.