Opec+ meets to assess output as Russia-Ukraine war intensifies geopolitical pressures – The National

Opec+ meets to assess output as Russia-Ukraine war intensifies geopolitical pressures – The National

The Opec+ group of oil producers is meeting this week with clear signals that it is not willing to let global geopolitics dictate its output policies and undermine efforts to stabilise a volatile crude market rocked by the Russia-Ukraine crisis.

Despite calls for the supergroup of producers to increase production in a tight market and soaring oil prices that are feeding into rising inflation, the group, which will congregate online on Thursday, is expected to stay the course and roll over planned production increases in May.

Opec+, which includes Russia, is “likely to endorse plans for another moderate increase in oil production”, said Edward Bell, senior director of market economics at Emirates NBD.