OPEC+ set to confirm modest April output rise despite oil price spike

REUTERS: OPEC+ oil producers meeting yesterday do not plan to accelerate output rises, according to a draft deal seen by Reuters, as Saudi Arabia and the United Arab Emirates recommit to a deal with Russia even as crude prices rocket higher.

Oil shot above US $ 110 a barrel this week, their highest in almost eight years, as Western sanctions tightened on Russia over its invasion of Ukraine and disrupted supplies from the world’s second largest oil exporter. The Western measures also caused problems for exports from Kazakhstan, another member of OPEC+, 

a group comprising the Organisation of the Petroleum Exporting Countries, Russia and allied oil producers. OPEC+ has been hiking output by 400,000 barrels per day (bpd) each month since August as they unwind cuts made when the pandemic slashed demand. They have resisted calls from the United States and other consumers for more supplies.