OPEC+ Near Consensus on Holding Oil Output Steady Next Month - Bloomberg
OPEC+ was nearing a consensus that would hold its oil output steady next month, after the group rejected Russia’s proposal for a production increase.
Negotiations were ongoing and not all details were agreed, one delegate said. Formal ministerial talks scheduled for Tuesday afternoon hadn’t yet started after being pushed back, said another delegate.
If the agreement is finalized, its significance would go beyond the output increase of 500,000 barrels a day the market had, prior to this week, been expecting for February. It also could have some bearing on similar supply boosts traders had penciled in for March and April.
The prevailing view in the group -- that the highly infectious new variant of Covid-19 could undermine the fragile oil-market recovery -- may mean a cautious approach to any production hikes for several months.
Brent crude jumped 3.5% to $52.88 a barrel at 3:17 p.m. in London.
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