OPEC likely to stick to modest oil boost despite war jitters

OPEC and allied oil producers including Russia are deciding how much crude to pump to the world Thursday, with expectations for only a modest increase despite pleas for more. High oil prices are fuelling inflation in the US and other countries and cushioning the blow of Western sanctions over Russia’s invasion of Ukraine.

Analysts expect the group, known as OPEC+, to stay on its schedule of gradual increases to restore production cuts made during the depths of the coronavirus pandemic in 2020.

So far, that steady pace has meant adding 400,000 barrels per day at the start of each month. Beginning in May, the level is to be adjusted slightly upward to 432,000 barrels because of revised baseline production levels, according to the August edition of OPEC’s official monthly bulletin.