Oil prices have steadied after a modest gain on Monday as the OPEC+ group considered delaying its plans to restore output. The cartel’s allies, including Russia, are weighing the impact of Ukrainian drones attacking a crude-pumping station in Russia.
According to delegates, OPEC+ is considering pushing back monthly supply increases due to start in April. This would mark the fourth time the alliance has delayed plans to revive production halted since 2022. However, Russian Deputy Prime Minister Alexander Novak denied any discussion about deferring the plan.
The Ukrainian drone attack on Kazakhstan’s export pipeline has contributed to bearish sentiment in the market. Market strategist Yeap Jun Rong attributed this to “some bearish sentiment unwinding.” However, exports from Iraq’s Kurdistan region could resume within a week, according to Iraqi Oil Minister Hayyan Abdul Ghani.
Crude oil prices have had a rocky start to the year, with losses after US President Donald Trump’s tariffs threatened global growth and energy demand. Market gauges also indicate weakness, leading to reduced net-bullish positions on crude.
Source: https://finance.yahoo.com/news/oil-holds-advance-opec-possibly-233555633.html