Citing sources familiar with the matter, Reuters reported on Monday that the OPEC+ group was expected to stick to the May oil output plan increase plan at the March 31 meeting.

"The Saudis are careful," one of the sources told Reuters. "They don't want to hike oil output above plan in order not to show they are against Russia."

Market reaction

Oil prices continue to push lower after this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $105.00, losing 6.8% on a daily basis.