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OPEC+ Seen Hiking Supply Again Yet Data Shows It Struggling

  • Production rose just 50,000 barrels a day, survey shows
  • Group and its allies seen agreeing another boost on Wednesday
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Oil Traders Prepare for OPEC+ Supply Decision
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OPEC and its allies are expected to approve another modest supply increase on Wednesday, yet new data showed the cartel still struggling to deliver on its pledges, a failure that has fanned a rally in global crude prices.

The 23-nation coalition led by Saudi Arabia and Russia will likely rubber-stamp the nominal revival of 400,000 barrels a day for March, according to delegates who asked not to be identified. But members of the Organization of Petroleum Exporting Countries barely increased supplies last month amid under-investment and militia unrest, according to a Bloomberg survey, while government data indicated Moscow was also unable to hit its target.