OPEC+ seen sticking to oil output policy amid price rally, defying pressure from U.S., India

OPEC+ seen sticking to oil output policy amid price rally, defying pressure from U.S., India

A group of some of the world's most powerful oil producers will meet on Wednesday to discuss a further increase in output as crude prices trade near record levels amid geopolitical tensions. OPEC and non-OPEC partners, an energy alliance known as OPEC+, are scheduled to convene via videoconference from 1 p.m. London time. OPEC alone accounts for around 40% of the world's oil supply. Energy analysts broadly expect OPEC+ ministers to green-light the return of 400,000 barrels per day for March. Such a move would be in line with the group's strategy to gradually reopen the taps since May last year. Led by OPEC kingpin Saudi Arabia and non-OPEC leader Russia, the energy alliance is in the process of unwinding record supply cuts of roughly 10 million barrels per day. The historic production cut was put in place in April 2020 to help the energy market recover after the coronavirus pandemic cratered demand for crude. OPEC+ has from top consumers such as the U.S. and India to pump more to reduce prices and aid the economic recovery. The group has resisted calls for speedier increases despite higher oil prices. Russian Energy Minister Alexander Novak has previously said the broader group