OPEC+ is likely to maintain its supply pause in March, Bloomberg reports citing delegates; adds that there is no need to respond to the events in Venezuela and Iran but a significant supply disruption would warrant a boost in output

OPEC+ is likely to maintain its supply pause in March, Bloomberg reports citing delegates; adds that there is no need to respond to the events in Venezuela and Iran but a significant supply disruption would warrant a boost in output.

The report suggests that OPEC+ is inclined to keep its current supply strategy unchanged through March, indicating a commitment to stabilizing prices. While geopolitical tensions in Venezuela and Iran are acknowledged, the group stresses that only a significant disruption would prompt an increase in output. This signals that unless conditions worsen dramatically, we can expect OPEC+ to maintain a supportive stance for oil prices in the near term.