0937 GMT - Compensation cuts from OPEC+ members exceeding oil output quotas aren't expected to outweigh the group's planned production increase, according to BNP Paribas. While full compliance with the cuts could theoretically more than offset the returning flows starting in April, analysts at the bank remain cautious about adherence. "We note Kazakhstan's ramp-up in production from the Tengiz field and Iraq's stated intention to resume flows from Kurdistan through the Ceyhan pipeline." Meanwhile, OPEC+ could also decide to boost output further if compliance rates exceed expectations, they say. U.S. pressure on Iran and Venezuela is instead expected to limit the impact of OPEC+'s output increase, with Iranian exports expected to fall by 600,000 barrels a day and Venezuelan exports by 72,000 barrels a day in 2025. BNP forecasts Brent crude at an average of $73 a barrel this year. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
March 26, 2025 05:37 ET (09:37 GMT)
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