OPEC sticks to modest boost in oil despite war jitters

OPEC and allied oil producers including Russia decided Thursday to stick to a modest increase in the amount of crude they pump to the world, a step that supports higher prices even as the Biden administration plans to try to lower them by releasing oil from strategic reserves.

The group, known as OPEC+, said it would add 432,000 barrels per day in May, as it works to gradually restore production cuts made during the depths of the coronavirus pandemic. That’s slightly up from 400,000 barrels in previous months, with officials saying they’re revising baseline production levels.

The alliance has been unmoved by pleas from oil-consuming countries to pump more oil as energy prices soar, fueling inflation worldwide.