OPEC+ set to stick to modest oil output increase amid price rally
The Hindu
OPEC+ likely to agree 4,32,000 bpd increse in June
Oil producer group OPEC+ is likely stick to its plan for modest output increases on Thursday, arguing it is not responsible for geopolitics and supply disruptions while emphasising concerns over the demand outlook after new COVID lockdowns in China.
Five OPEC+ delegates said the group is set to agree another monthly increase of 432,000 barrels per day in its production target for June, in line with a plan to unwind output curbs made during the worst of the COVID-19 pandemic in 2020.
OPEC+ includes the Organization of Petroleum Exporting Countries and allies including Russia.
The meeting comes against the backdrop of surging oil prices that hit their highest since 2008 at more than $139 a barrel in March after Russia's invasion of Ukraine exacerbated supply concerns that were already fuelling a price rally.
"I do not think a new decision will be made," one of the delegates said. Another said it was "highly expected" that the meeting will be short and stick to the plan.
The OPEC+ meeting also comes a day after the European Union proposed a phased oil embargo on Russia in its toughest measures yet over the war in Ukraine, which Moscow calls a "special military operation".
OPEC Secretary General Mohammad Barkindo on Wednesday said it is not possible for other producers to replace Russian exports of more than 7 million bpd. "The spare capacity just does not exist," he said.
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