Russian Deputy Prime Minister Alexander Novak said on Wednesday that he doesn't have any information to suggest someone at OPEC+ is proposing lifting oil output above the existing plan, reported Reuters. Novak continued that it is too early to talk about the need to adjust Russia's OPEC+ quota because of sanctions and said that Russian companies expect difficulties with logistics and payments on energy supplies in April and May. 

Market Reaction

Oil markets continue to tick higher, with front-month WTI futures currently at session highs in the $114.00 area and up about $5.50 on the day, with the latest headlines unlikely to do much to dissuade the bulls.