OPEC+ set to confirm modest April output rise despite oil price spike

DUBAI/LONDON – OPEC+ oil producers meeting on Wednesday do not plan to accelerate output rises, according to a draft deal seen by Reuters, as Saudi Arabia and the United Arab Emirates recommit to a deal with Russia even as crude prices rocket higher.

Oil shot above $110 a barrel this week, their highest in almost eight years, as Western sanctions tightened on Russia over its invasion of Ukraine and disrupted supplies from the world’s second largest oil exporter.