OPEC+ expected to stick to planned March output target increase, sources say

LONDON/DUBAI/MOSCOW (Reuters) – OPEC+ will probably stick with a planned increase in its oil output target for March when it meets on Wednesday next week, several sources from the producer group said, as it sees demand recovering despite downside risks from the pandemic and looming interest rate rises. While two OPEC+ sources said oil at a seven-year high close to $90 a barrel might prompt the group to consider further steps, the vast majority of sources said no new decision was expected at the Feb. 2 online meeting. One Russian source told Reuters the country was concerned the price rally mig…

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