OPEC+ set to stick to modest oil output rises amid price rally
OPEC+ will likely stick to modest oil output increases on Thursday arguing it is not responsible for geopolitics and supply disruptions while stressing its worries over the demand outlook due to new COVID lockdowns in China.
Delegates from the group said OPEC+ was set to agree another monthly increase of 432,000 barrels per day in its production target for June.
OPEC+ includes the Organisation of Petroleum Exporting Countries and allies such as Russia.
Under a deal reached in July last year, the group is set to increase the target by 432,000 bpd every month until the end of September, to unwind its remaining production cuts.
