OPEC+ is likely to stick to its existing policy of increasing output quotas at a measured pace of 400K barrels per day each month at its upcoming meeting on March 2, despite the recent surge in prices following Russia's invasion of Ukraine, five sources told Reuters.  

Market Reaction

Oil prices have not reacted to the latest reports. The main focus remains on whether the US and EU will target Russia with harsher sanctions that hit its energy sector and disrupt global energy supplies. At the moment, this seems unlikely, but as the fighting in Ukraine intensifies, public pressure may well build on governments to do more to deter Russian aggression. Sanctions on Russian exports remain a key upside risk for crude oil markets.