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Sanctions, tariffs make OPEC+ hesitant on April oil hike, sources say

World News

27-02-2025 | 13:00

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Sanctions, tariffs make OPEC+ hesitant on April oil hike, sources say

OPEC+ is debating whether to raise oil output in April as planned or freeze it as its members struggle to read the global supply picture because of fresh U.S. sanctions on Venezuela, Iran and Russia, eight OPEC+ sources said.

OPEC+ usually confirms its supply policy one month in advance to have time to allocate crude to buyers. Hence, the group has until March 5-7 to finalize its April production, but some sources said no consensus has emerged.

Inside OPEC+, the United Arab Emirates, keen to make use of its rising output capacity, would like to proceed with the increase, as would Russia, some of the sources said. Other members, including Saudi Arabia, favour a delay, they said.

Reuters

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