OPEC+ hesitant on April oil hike amid sanctions, tariffs: Report

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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 US sanctions on Venezuela, Iran and Russia, Reuters reported, citing sources familiar with the matter.

Some member states support the planned production increase, while others prefer to maintain voluntary cuts.

The US sanctions on Russia and other member states, along with President Donald Trump’s calls for the alliance to lower oil prices, and his trade policies create uncertainty about the global supply outlook, making OPEC+'s production decision highly complex, the sources said.

OPEC+ typically announces its production policy a month before implementation to give member states time to determine potential buyers. This means the alliance may announce its final decision by March 5 or 7, according to the sources.