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OPEC+ Delegates Expect to Ratify Plan for Modest Output Hike

  • Group meets on Feb. 2 to discuss March production increase
  • Crude is trading near a seven-year high as demand rebounds
An oil pumping jack in an oilfield near Almetyevsk, Tatarstan, Russia.

An oil pumping jack in an oilfield near Almetyevsk, Tatarstan, Russia.

Photographer: Andrey Rudakov/Bloomberg
Updated on

OPEC and its allies are expected by delegates to stick to their plan and ratify another modest production increase next week as they try to satisfy rebounding oil demand.

The 23-nation coalition led by Saudi Arabia and Russia will probably rubber-stamp a hike of 400,000 barrels a day for March, officials from about half of the group’s members said, asking not to be named because the information is private. The coalition has stuck to its schedule for gradual monthly supply increases since forging the agreement in July.