OPEC+ decides oil output amid concern over Russia, Ukraine
Oil cartel OPEC and allied countries are deciding how much oil to feed into the global economy as crude prices hover near seven-year highs spiking gasoline costs and fears of a Russian military move against Ukraine add to jitters over supply.
The likely outcome of Wednesday’s online meeting, analysts say, will be to maintain the 23-member OPEC+ alliance’s plan to gradually restore production slashed during the depths of the coronavirus pandemic in 2020. That means adding back 400,000 barrels per day each month, in this case for March.
Sticking to the plan would support oil prices, with several alliance members having been unable to meet their share of output.
