OPEC+ sticks to modest output rise despite surging oil prices

OPEC+ sticks to modest output rise despite surging oil prices

/ Business

















Issued on: 02/02/2022 - 16:05





















A 3D-printed oil pump jack pictured in front of the OPEC logo. © Dado Ruvic, Reuters file photo











OPEC+ agreed on Wednesday 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 Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+ which produces more than 40% 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