OPEC+ Makes Modest Supply Hike as Russia Turmoil Lifts Price
- Group sticks to plan with 400,000 b/d output increase in April
- Oil surged above $110 a barrel on Russia’s invasion of Ukraine
OPEC ratified an increase of 400,000 barrels a day on Wednesday.
Photographer: Simon Dawson/Bloomberg
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OPEC and its allies agreed another modest revival in supplies for April at a low-key meeting that was overshadowed by the market turmoil unleashed by Russia’s invasion of Ukraine.
The 23-nation coalition led by Saudi Arabia ratified an increase of 400,000 barrels a day on Wednesday, continuing the gradual restoration of output halted during the pandemic, according to a statement.