OPEC, allies weigh oil output amid steep hikes, Russian invasion
The leaders of OPEC and its oil-producing allies are deciding Wednesday how much oil to release while Russia’s invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing.
The OPEC+ coalition of oil producers made up of OPEC members led by Saudi Arabia and non-cartel members led by Russia is weighing whether to increase oil production by 400,000 barrels per day in April.
Since July, the coalition has been adding that amount of oil each month to gradually restore deep cuts to production made early in the coronavirus pandemic when demand for fuel plummeted.
