OPEC+ confirms April oil supply hike plans

OPEC+ will not delay April oil supply hike, confirms Russian Deputy PM Novak amid market discussions on increases.

In Short

OPEC+ will not delay the planned oil supply increase starting in April, despite uncertainty and requests from President Trump. The current output reduction of 5.85 million barrels per day will continue until September 2026, with a final decision on the April increase expected by early March.

The announcement follows speculation about a potential delay, despite requests from U.S. President Donald Trump to lower oil prices.

Delegates have indicated that discussions around delaying the increase have not occurred, while the oil market may manage additional supply due to tightening sanctions and increased demand from China.

Analysts from firms like Morgan Stanley anticipate OPEC+ might maintain current output levels. However, there was no immediate response from OPEC or the Saudi government on this matter.

New strategy

OPEC+ is currently reducing output by 5.85 million barrels per day, representing about 5.7% of the global supply, in a strategy that began in 2022.

In December, OPEC+ extended its production cuts into the first quarter of 2025, pushing back the planned output increase to April due to weak demand and rising supply from outside the group.

According to the announced plan, the reduction of 2.2 million barrels per day will commence in April, along with a monthly rise of 138,000 barrels per day for the United Arab Emirates.

The supply increases are slated to continue until September 2026. A final decision on the implementation of the April increase is expected by early March.