OPEC+ will likely stick to modest oil output rises when it meets on Wednesday, officials said, as OPEC heavyweights Saudi Arabia and the United Arab Emirates (UAE) recommit to their deal with Russia despite widening sanctions on Moscow and oil prices at eight-year highs.
Oil shot above $110 per barrel this week as Western sanctions on Russia for its invasion of Ukraine disrupted supply from Russia, the world’s second largest oil exporter, and caused problems with exports from neighbouring Kazakhstan.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia – a group known as OPEC+ – have been raising output by 400,000 barrels per day (bpd) each month since August as they unwind cuts made after the pandemic slashed demand.
