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(Bloomberg) — Some OPEC+ delegates said they expect the group will agree to resume modest production increases when it meets this weekend to review policy for April.
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The group led by Saudi Arabia and Russia hasn’t yet settled a course of action ahead of its video conference on Sunday, according to three delegates, who asked not to be identified as the talks are private. Escalating risks of conflict between the US and Iran are also clouding the outlook.
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READ, Feb. 13: Some OPEC+ Nations See Scope to Resume Supply Hikes
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Nonetheless, with oil demand proving robust and prices up roughly 17% despite widespread expectations of a supply surplus, several officials said they anticipate a series of small hikes to resume in April or reiterated views that there’s scope for this. Some analysts said OPEC+ could add 137,000 barrels a day, in line with the minimal additions made late last year.
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While prominent forecasters warned of a significant supply glut this year, it hasn’t so far weighed on prices — partly because of the escalating geopolitical risks, but also amid a range of output disruptions spanning from North America to Kazakhstan and Russia.
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US shale oil giant Diamondback Energy Inc. said on Monday that the “wave of oversupply” is being deferred further out in time, a view echoed the following day by Baker Hughes Co., one of the world’s largest oilfield service providers.
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—With assistance from Nayla Razzouk and Fiona MacDonald.
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