(Bloomberg) -- Several of OPEC+’s biggest oil producers want the group to continue with its strategy and add another 400,000 barrels a day of crude to the market in April, according to people familiar with the matter.

The Organization of Petroleum Exporting Countries and its partners -- a 23-nation alliance led by Saudi Arabia and Russia -- will meet virtually on March 2 to make a decision about output for the following month. All members need to be in agreement.

The group has been gradually raising production following deep cuts at the start of the coronavirus pandemic, which crushed demand for oil.

Crude has surged with the global economic recovery and is up around 20% this year to more than $90 a barrel. Many traders have said prices could soon reach $100. Last year, several major importers, including the U.S., called on OPEC+ to ease its cuts faster.

Undershooting

OPEC+ has said its monthly increases of 400,000 barrels per day are enough to stabilize the market. Some members have blamed the run-up in prices on geopolitical tension over Ukraine.

Still, many nations are undershooting their targets. Those such as Angola and Nigeria are struggling to boost production following a collapse in investment. Last week, the International Agency Energy Agency, which advises rich countries, said OPEC+ was pumping almost 1 million barrels a day less than what it said it would.

The situation could become more critical if the standoff between Russia and the West over Ukraine escalates. While Moscow has said it has no plans for an invasion, Western officials remain wary. A conflict could send crude prices to $125 a barrel, the Republic of Congo’s energy minister, Bruno Jean Itoua, who holds OPEC’s rotating presidency, said last week.

The energy ministers of OPEC’s four biggest members -- Saudi Arabia, Iraq, the United Arab Emirates and Kuwait -- met in Riyadh on Sunday. They said their strategy was helping to balance energy markets.

“For the benefit of the whole energy market, OPEC+ should sustain the current agreement and any dramatic change could cause an imbalance,” Iraq Oil Minister Ihsan Abdul Jabbar said.

©2022 Bloomberg L.P.