OPEC+ will likely stick to its plans for a modest increase in its oil output in May, several sources close to the group said, despite a surge in prices due to the Ukraine crisis and calls from consumers for more supply.
Having raised its target by 400,000 barrels per day each month since August 2021, OPEC+ plans agreed last year call for a May increase of 432,000 bpd based on raised baselines for Saudi Arabia, Russia, Iraq, the UAE and Kuwait.
Several consuming nations including the United States have urged producers to raise their output by more as crude prices have surged, hitting their highest since 2008 this month at over $139 a barrel.
But major OPEC members such as Saudi Arabia and the United Arab Emirates have held back on increasing their targets, while OPEC+, a group that includes Russia, has steered clear of the topic of Ukraine. read more
Click the link below for more details