OPEC+ unlikely to hike output faster despite oil price rally, sources say

OPEC+ will likely stick to existing plans for a moderate oil output rise when it meets on Wednesday, sources from the group said, despite pressure from top consumers to speed up production increases after crude prices hit seven-year highs.

The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+ that produces more than 40 per cent of global oil supply, has faced calls from the United States, India and others to pump more oil as economies recover from the pandemic.

But OPEC+ has stuck to its recent targets of adding 400,000 barrels per day (bpd) each month and blamed surging oil prices on the failure of consuming nations to ensure adequate investment in fossil fuels as they shift to greener energy.