OPEC+ leans towards resumption in oil output increases from April, sources say

OPEC+ is leaning towards resuming increases to oil output from April, three OPEC+ sources said, as the group prepares for peak summer demand and price strength is bolstered by tensions over U.S.-Iran relations. 

Why it matters

The resumption of production increases will allow OPEC leader Saudi Arabia and fellow member the UAE to regain market share at a time members such as Russia, Venezuela and Iran contend with Western sanctions and a series of setbacks restrain Kazakh output. Oil prices fell 1 percent immediately in reaction to the Reuters story.