OPEC+ backs another modest oil output hike despite surging prices
Top oil-producing countries led by Saudi Arabia and Russia announced another modest increase in output on Wednesday despite soaring crude prices and geopolitical tensions rattling the markets.
The 23-nation OPEC+ group said in a statement that it will increase production by 400,000 barrels per day in March, the same amount as in previous months.
The group, which includes the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, has resisted US pressure to further boost production to tame prices.
OPEC+ said in its statement following a ministerial videoconference that the decision was made “in view of current oil market fundamentals and the consensus on the outlook”.
