SEATTLE (Oil Monster): Russia's foreign ministry said on Wednesday it expects the OPEC+ monitoring panel to discuss the recent rise in oil prices when it meets on April 5.
Front-month Brent futures hit a record monthly gain of 64% in March, according to LSEG data dating back to June 1988. U.S. benchmark West Texas Intermediate has gained around 52% in the month, its biggest jump since May 2020, due to the Iran war.
The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ is due to hold its online meeting on Sunday.
OPEC and its allies including Russia, known as OPEC+, had agreed to hold production steady in the first quarter of 2026 and to resume increasing supplies in April. The eight members that had been increasing output are also due to meet on April 5.
"The ongoing conflict has resulted in a substantial drop in oil supply and higher energy prices, a topic we expect to dominate the agenda of the next, 65th meeting of the OPEC+ Joint Ministerial Monitoring Committee," Maria Zakharova, the foreign ministry's spokeswoman, told a weekly briefing.
Courtesy: www.reuters.com
