OPEC+ to stick to oil rise plan despite EU sanctions -sources – Reuters

OPEC+ to stick to oil rise plan despite EU sanctions -sources – Reuters

DUBAI/LONDON, June 1 (Reuters) - OPEC+ is set to stick this week to its monthly modest oil output increases despite seeing tighter global markets, five OPEC+ sources said on Wednesday as the group fast approaches its maximum production capacity.

Oil prices rallied above $124 per barrel this week following new EU sanctions against Russia over its invasion of Ukraine and China's recovery from the latest COVID-19 lockdown.

The world's most industrialised countries, known as G7, called again this week on OPEC to help ease a global energy crunch that worsened as a result of Western sanctions imposed on Russia.