EXCLUSIVE-OPEC+ leans towards resumption in oil output increases from April, sources say

Eight OPEC+ producers - Saudi Arabia, Russia, the ⁠United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman - meet on March 1. No ⁠decision ​has yet been made and talks will continue in the weeks ahead of the meeting, two of ⁠the sources said.

OPEC+ is leaning towards resuming increases to oil output from ‌April, three OPEC+ sources said, as the group prepares ‌for peak summer demand and price strength is bolstered by tensions over U.S.-Iran relations.

The resumption of production increases will allow OPEC leader Saudi Arabia and ⁠fellow ​member the ⁠UAE to regain market share at a time members such as Russia, ⁠Venezuela and Iran contend with Western sanctions and a series of ​setbacks restrain Kazakh output. Eight OPEC+ producers - Saudi Arabia, Russia, the ⁠United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman - meet on March 1.

No ⁠decision ​has yet been made and talks will continue in the weeks ahead of the meeting, two of ⁠the sources said. OPEC and authorities in Russia and Saudi Arabia ⁠did not reply ⁠immediately to requests for comment.