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 amid uncertainty around fresh U.S. sanctions on Venezuela, Iran, and Russia. The group's scheduled increase of 138,000 bpd would depend on the global supply picture, but the impact of new tariffs and sanctions is complicating the decision-making process. OPEC+ usually confirms its supply policy one month in advance, but no consensus has emerged so far.
- The increasing volatility in oil markets due to U.S. sanctions on key oil-producing countries highlights the need for a more proactive approach by OPEC+ to address market uncertainty.
- Will OPEC+'s decision on April oil output hike be influenced by the upcoming G7 Summit, where leaders are expected to discuss energy security and sanctions policy?