Oil Steadies With OPEC+ Considering Delay of April Output Hikes.

Oil held near $75 a barrel in a volatile session as OPEC+ considers pushing back a series of monthly supply increases that were due to start in April. 

Brent futures fluctuated between small gains and losses in intraday trading. Global oil markets remain too fragile for OPEC+ to revive production now, said a group delegate, who asked not to be identified because the talks are private. A decision is yet to be made, and the group is split on how to proceed, another delegate said.

At the same time, Kazakhstan’s primary oil export pipeline was operating at a reduced rate after an attack by drones, the facility’s operator said. The conduit was due to ship about 1.6 million barrels a day this month and next.

Price moves were broadly muted Monday, though, offset by some bearish factors.  Iraq’s oil minister said exports from the semiautonomous Kurdistan region may resume within a week. That could mean the return of more than 300,000 barrels a day to the market. 

Source: BNNBLOOMBERG