OPEC+ Expected to Agree Another Modest Supply Boost Amid Turmoil
- All but one of 18 traders and analysts see plan ratified
- Group set to agree on a further 400,000-barrel boost for April
Photographer: Simon Dawson/Bloomberg
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OPEC and its allies are expected to agree another modest increase in oil production even as the shockwaves from Russia’s invasion of Ukraine send prices above $100 a barrel.
The 23-nation coalition led by Saudi Arabia will on Wednesday likely ratify a further formal hike of 400,000 barrels a day for April as it continues to revive output halted during the pandemic, according to a Bloomberg survey of analysts and traders. In practice the increment is likely to be considerably smaller, as many members are struggling to restore supplies.