Oil prices are pressure with Brent stability with more than 1.6 % yesterday. This is followed by news that OPEC+ fades with plans to gradually increase the offer from April by 138 kg/D, per month, commodity experts in Jiaa Mansathi and Varne Patterson.
OPEC+ adhering to plans to gradually increase the offer
“The market was highlighting the possibility that the group would delay an increase in the supply. This development did not change our point of view on the market, as we already thought that the supply would return. It is possible that the increase of President Trump was happy, given the pressure that OPEC was putting to boost the offer.”
According to the Bloomberg survey, OPEC oil has increased by 320 kb/d in the month in February to 27.35 MB/D. The motivation behind the increase was the largest part of the increase, with production growth by 150 kb/d to 4.16MB/D, leaving production above its target levels of 4 meters/d. United.
Besides the dynamics of the offer, there are increasing concerns about demand levels amid uncertainty about the definitions. Atlanta Virus GDP proposes GDP in the first quarter to contract by 2.8 %. Just 4 weeks ago, the model expected 3.9 % growth. Trump has increased customs tariffs on China to 20 % of 10 %, also allowing 25 % to move forward in Canada and Mexico starting today. For Canadian energy, the tariff is set at 10 %. Given the lack of alternative export ability to Canadian oil, Canadian crude discounts will increase thanks to these definitions. “
Source: https://www.fxstreet.com/news/PEC-Set-to-inkrease-suply-ing-202503040822