Several OPEC+ members see ‘no need to pump oil faster’: report

Logo of Opec

Several key OPEC+ members see no need to accelerate output even as oil heads toward $100 a barrel amid worsening tension over Ukraine, Bloomberg reported.

Iraq and Nigeria said a strategy of gradually raising production is enough to balance the market and the group has no need to be more aggressive.

“The market will have more and more oil so we think there’s no need” to diverge from today’s strategy, said Iraq’s Energy Minister Ihsan Abdul Jabbar.

“We will not create any growth to the commercial storage. We will secure all the demand by making the required supply.”

OPEC+ will make its decision for April production at its March meeting, after reviewing new data about demand and supply, he added.

Nigeria’s Energy Minister, Timipre Sylva, said nothing exceptional was planned currently, as higher production from outside OPEC+ is expected.

“It’s not the time for us to get bullish,” Sylva said, adding, “The market is still a little bit too soft for us to get too bullish.”