Delegates expect OPEC and its allies to stick to their plan and ratify another modest output increase next week in order to meet rebounding oil demand.
The 23-nation coalition led by Saudi Arabia and Russia will likely approve a 400,000-barrel-per-day increase for March, officials from roughly half of the group's members said. Since signing the agreement in July, the coalition has adhered to its plan for gradual monthly supply increases.
It is unclear whether the cartel will be able to add this volume to the market. The resumption of production suspended by the pandemic has begun to encounter capacity constraints, with several members failing to meet their targets for reasons ranging from a lack of investment to militant unrest.
According to the group's data, OPEC+ nations managed only two-thirds of their stipulated increase last month, with Nigeria, Angola, and Russia all falling short.
As global fuel consumption returns to pre-crisis levels, the struggles of the Organization of Petroleum Exporting Countries and its partners have contributed to a rally in prices to a seven-year high in London, just less than $90 per barrel.
This is a growing source of pain for consuming nations, as rising fuel prices contribute to inflationary pressures and a cost-of-living crisis afflicting millions worldwide. US President Joe Biden has sought, but to little avail, to bring down fuel costs, which might be a cause of trouble ahead of the November midterm elections.
On February 2, OPEC+ will convene online to make a decision.