1007 GMT - OPEC+'s effective production increase is likely to be lower than the expected 138,000 barrels a day due to some members' compensation cuts for past overproduction, UBS' Giovanni Staunovo says. According to the strategist, there's no indication that the cartel and its allies are fighting for market share against non-OPEC+ producers. Instead, "we believe the group is focused on supply management to keep the oil market in balance," he says. U.S. President Trump's decision to revoke Chevron's license in Venezuela might lead to a modest decline in Venezuelan output over the coming quarters, according to UBS. Meanwhile, traders are also closely watching Iranian exports after the latest round of U.S. sanctions. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
March 04, 2025 05:07 ET (10:07 GMT)
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