0941 GMT - OPEC+ isn't expected to flood the market this year despite its plans to raise oil output, according to ANZ Research commodity strategists. "Many OPEC members are already producing at maximum levels and will experience challenges in trying to increase capacity," Daniel Hynes and Soni Kumari say. "We also expect greater compliance on compensation cuts." ANZ forecasts only Saudi Arabia and Oman will fully raise output, while Russia, the UAE and Kuwait will increase it partially. Some members, such as Kazakhstan, have been overproducing and will need to implement compensation cuts to comply with the original agreement. Meanwhile, ANZ expects Iranian supply to fall by 750,000 barrels a day by the end of the year due to U.S. sanctions, and anticipates lower output from Venezuela after President Trump revoked Chevron's oil license there, helping to balance the market. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
March 14, 2025 05:41 ET (09:41 GMT)
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