OPEC+ Sits on Market Sideline as Russian Invasion Sets Price - Bloomberg

OPEC+ Sits on Market Sideline as Russian Invasion Sets Price - Bloomberg

OPEC+ ministers gather on Wednesday in the unusual position of being oil-market observers, as the Russian invasion of Ukraine and a release of strategic fuel stocks by major consumers set the market’s agenda.

The group is widely expected to stick to its existing plan and ratify another supply hike of 400,000 barrels a day for April, even as the shockwaves from Russia’s military aggression send crude soaring.

While the invasion hasn’t prompted Western sanctions on Russian energy exports, there are growing signs that reluctance among traders and shipowners to handle the country’s oil could affect flows. Russia’s Urals crude was offered for sale at a record discount but found no bidders.

Riyadh has come under pressure from the U.S. at previous meetings to raise output faster, but consumers are now taking matters into their own hands. The International Energy Agency, which represents major industrialized economies, said on Tuesday that it will deploy 60 million barrels from emergency oil stockpiles around the world.