The OPEC+ group is expected to decide next week whether it should continue unwinding the oil production cuts by another 400,000 barrels per day (bpd) in March, as global demand holds resilient despite record COVID cases in major oil-consuming countries, OPEC+ delegates told Bloomberg on Wednesday.
The alliance is meeting online on February 2 to decide on production levels and quotas for March, having approved 400,000-bpd monthly production hikes each month since August.
For next week's meeting, expectations of OPEC+ delegates from around half of the coalition's producers are that the same increase will be approved for March, largely in line with analyst expectations that the group would continue to add more supply to the market.
