1202 GMT - OPEC and its allies could potentially pause their output hike plans in the third quarter of the year, according to Commerzbank Research's Carsten Fritsch. "We consider it unlikely that OPEC+ will backpedal shortly after the decision to raise production slightly. This would send out a signal of weakness and look like admitting a mistake," the commodity analyst says. "However, it is conceivable that the production increase will be paused after the end of the second quarter if market conditions require so." Commerzbank forecasts Brent crude at $70 a barrel in the second quarter and $75 a barrel in the second half, citing a potential reduction in global supplies due to U.S. sanctions against Iran. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
March 11, 2025 08:02 ET (12:02 GMT)
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