Some OPEC+ representatives said the group is expected to agree to resume modest production increases when it meets this weekend to review its April policy. According to three representatives, OPEC+ had not yet finalized a course of action ahead of Sunday’s video conference. The escalating risk of conflict between the U.S. and Iran has also cast a shadow over the outlook. Nevertheless, despite widespread expectations of a supply glut, strong oil demand has pushed prices up by about 17%, and several officials have indicated that they expect to begin a series of small production increases in April, reiterating that such a possibility exists. Some analysts suggest that OPEC+ may increase production by 137,000 barrels per day, consistent with the minimal increase seen at the end of last year. Although prominent forecasting agencies have warned of a severe supply glut this year, this has not yet put pressure on oil prices. This is partly due to escalating geopolitical risks, as well as a series of production disruptions ranging from North America to Kazakhstan and Russia. U.S. shale giant Diamondback Energy said on Monday that the wave of oversupply has been further delayed, and Baker Hughes, one of the world’s largest oilfield service providers, echoed this view the following day.