OPEC backs bigger output boost amid Russian isolation

OPEC backs bigger output boost amid Russian isolation

Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports.

Analysts had expected OPEC+ producers to stick to their policy modest output increases, as they have done since May 2021.

However, pressure has been rising for the 23-strong cartel to boost output and seek to stabilise prices, which have hit record highs since Russia invaded Ukraine, drawing heavy Western sanctions.