Bloomberg Fake News on OPEC Sends Oil Prices $1 Higher, Russia Denies

After a strong rally from late December to early January, where WTI crude climbed over $10 from below $70 to above $80, oil prices have since pulled back to the low $70s as market sentiment turned bearish. However, today saw a recovery near the $70 support zone, fueled by a Bloomberg report suggesting OPEC+ may delay production hikes originally set for April.

Oil Market Rebounds Amid Production Speculation

According to Bloomberg, OPEC+ delegates are reportedly concerned that the oil market remains too fragile to absorb increased supply at this time. A delay would be significant, particularly for the U.S., where former President Donald Trump has repeatedly pushed for lower energy costs to ease inflationary pressures.

However, the report indicated that no final decision has been made, with OPEC+ members still divided on how to proceed. Some factions within the bloc argue for maintaining the scheduled output increase, while others favor postponement. A resolution may not be reached for several weeks, leaving markets in a state of uncertainty.

If this delay materializes, it would mark the fourth time OPEC+ has postponed a 120,000-barrel-per-day production hike. These supply restrictions stem from cuts introduced in 2022 in response to global market instability.

Russia Denies OPEC+ Delay Talks

Despite the surge in oil prices following Bloomberg’s report, Russian Deputy Prime Minister Alexander Novak quickly refuted the claims, stating that OPEC+ is not currently discussing a delay in restoring oil production in April. His remarks contradict Bloomberg’s reporting, raising questions about the accuracy of the initial claims and injecting further uncertainty into the market.

Novak’s denial suggests that any speculation about a production delay may be premature, but it also highlights the ongoing divisions within OPEC+ regarding output policy. The group remains under pressure to balance supply adjustments against demand recovery amid fluctuating economic conditions.

Following the conflicting headlines, WTI crude is now trading around $71.30, as traders assess the potential impact of OPEC+ policies, Russia’s statements, and the broader geopolitical climate. Market participants will be watching closely for further official announcements, as any confirmation or denial from OPEC+ leadership could trigger additional volatility.