OPEC+ swerves Ukraine crisis and sticks to oil output plans | Reuters
OPEC+ oil producers agreed on Wednesday to stick to their plans for a modest output rise in April, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude even as crude prices rocketed higher.
Oil prices shot above $110 a barrel this week, hitting peaks not seen since 2014, as Western sanctions tightened on Moscow over its invasion of Ukraine and disrupted oil sales from Russia, the world's second-largest oil exporter.
By 1315 GMT, benchmark Brent was above $113.
The Western measures have deterred many buyers of Russian crude and even caused problems for exports from Russia's neighbour, Kazakhstan, another member of OPEC+.
The group comprising the Organization of the Petroleum Exporting Countries, Russia and allied producers has been hiking output by 400,000 barrels per day (bpd) each month since August as OPEC+ unwinds cuts made when the pandemic slashed demand.
No comments:
Post a Comment