International Business: Opec+ sticks to planned output rises – Gulf Digital News

International Business: Opec+ sticks to planned output rises – Gulf Digital News

LONDON: Opec+ agreed yesterday to stick to moderate rises in its oil output with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to cap surging prices.

The Organisation of the Petroleum Exporting Countries and allies led by Russia, a group known as Opec+ which produces more than 40 per cent of global oil supply, has faced calls from the United States, India and others to pump more oil as economies recover from the pandemic.

But Opec+ has stuck to its target of monthly increases of 400,000 barrels per day (bpd) and blamed surging prices on the failure of consuming nations to ensure adequate investment in fossil fuels as they shift to greener energy.

Several Opec+ sources also said prices had been pushed up by Russia-US tensions. Washington has accused Moscow of planning to invade Ukraine, which Russia denies.

“We are living the Olympic spirit and therefore we broke the record for the meeting concluding it in 16 minutes,” Saudi Energy Minister Prince Abdulaziz bin Salman told the meeting, according to a source who heard him during the shorter than usual online gathering.

Opec+ oil output increases are complicated