OPEC+ Expected to Resume Output Increases, Kpler Says

1143 GMT – OPEC+ is forecast to resume oil output increases after pausing hikes in the first quarter, according to Kpler’s senior crude analyst Naveen Das. The alliance is expected to unwind the remaining portion of its 1.66 million barrels per day in voluntary cuts over six months. However, not all member countries can fully meet their quotas—Russia, for example, has limited capacity to increase output. As a result, Das doesn’t anticipate a major downside impact on Brent crude prices, which Kpler currently forecasts at an average of $65 a barrel this year. OPEC+ members are scheduled to meet virtually on March 1 to discuss production policy for the coming months. (giulia.petroni@wsj.com)

Oil Broadly Steady Ahead of U.S.-Iran Talks

0902 GMT – Oil prices are broadly steady ahead of a second round of talks between the U.S. and Iran this week. Brent crude rises 0.1% to $67.60 a barrel, while WTI is flat at $62.30 a barrel after posting weekly losses last week. “Absent any Middle East supply disruption, the scope for a sustained move above $70 appears limited, given continued emphasis on ample supply and indications that some OPEC members see room to resume output increases in April,” analysts at Saxo Bank say. Traders are also keeping a close eye on the U.S.-brokered talks between Russian and Ukrainian officials aimed at ending the four-year war. (giulia.petroni@wsj.com)