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Senior oil and energy journalist, Reza Zandi, tweeted out on Tuesday that Russia has agreed that there won’t be an increase in the OPEC+ oil output by 500,000 barrels per day in February.

The journalist further noted that there could be an increase in the output in March. “If Iran can somehow enter the market in February, the situation for the month of March will be complicated,” Zandi added.

Market reaction 

Crude oil prices shot higher on this headline and the barrel of West Texas Intermediate (WTI) was last seen trading at $48.75, where it was up nearly 3% on a daily basis.