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RTRS: OPEC+ Likely To Stick To May Oil Ouput Increase Plan-Sources

OPEC

Reuters reporting that according to unnamed sources, the OPEC+ bloc of oil producing nations is set to stick to its May oil output increase plan at the 31 March ministerial meeting.

  • There remains significant pressure from Western nations for OPEC+ members to increase production to account for the sharp increase in oil prices recorded during the Ukraine crisis.
  • Pleas from Western leaders, including an in-person visit to Saudi and UAE leaders by UK PM Boris Johnson, appear to have gone unheeded.
  • G7 group of advanced economies directly called on OPEC nations (which excludes Russia, which sits as part of wider OPEC+ bloc) to raise output to mitigate the impact of the war in Ukraine on markets and cost pressures in the West.
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