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OPEC+ Seen Sticking to Plan Despite Price Shock from Ukraine War

  • Group meets on Wednesday to decide on output target for April
  • Russia attack on Ukraine sent crude prices above $100 a barrel
The Khurais Processing Department in the Khurais oil field in Khurais, Saudi Arabia.

The Khurais Processing Department in the Khurais oil field in Khurais, Saudi Arabia.

Photographer: Maya Sidiqqi/Bloomberg

OPEC+ will probably stick to its plan of only gradually increasing oil production when it meets this week, according to several delegates, even after Russia’s invasion of Ukraine sent prices surging.

Oil’s jump last week to $100 a barrel for the first time since 2014 was triggered mostly by geopolitics and did not reflect an imbalance between supply and demand, the delegates said. The group should continue adding 400,000 barrels a day of crude to the market each month, they said.