OPEC+ looks set for deep oil output cuts when it meets on Wednesday, curbing supply in an already tight market despite and other consuming countries to pump more.
Sources said it remained unclear if reductions could include additional voluntary cuts by members such as Saudi Arabia or if cuts could include existing under-production by the group.
"There could be further political reactions from the U.S., including additional releases of strategic stocks along with some wildcards including further fostering of a NOPEC bill," Citi said referring to a U.S. anti-trust bill against OPEC. Moscow accuses the West of weaponising the dollar and financial systems such as SWIFT in retaliation for Russia sending troops into Ukraine in February. The West accuses Moscow of invading Ukraine while Russia calls it a special military operation.
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