UPDATE: OPEC+ is Poised to Cool Down Oil Market with Extra Production - Bloomberg

March 2, 2021 2:08 PM EST

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(Updated - March 2, 2021 2:12 PM EST)

OPEC+ is poised to agree to a production increase this week as it seeks to cool a rapid rally in crude prices, according to Bloomberg, citing people familiar with the deliberations.

There is a widespread view within the group that the market can absorb additional barrels, and while the usual differences are present, all sides are ready to increase production.

That could put the group on track to implement the majority of the 1.5 million barrel-a-day output increase that's up for debate on Thursday, the report said.

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