OPEC+ to gradually increase flow as Russian war roils markets
LONDON: OPEC and allied oil-producing countries decided Thursday to gradually increase the flows they send to the world, even as Europe’s plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.
The cautious approach from the OPEC+ alliance — which includes non-member Russia — will exacerbate a global energy crunch, with prices expected to rise further for oil and the gasoline, diesel and aviation fuel made from it. Those higher prices will worsen global inflation, eating away at people’s ability to spend money that would otherwise support the economic recovery.
