OPEC+ Still Sees No Need to Change Plan Despite Russia Crisis

UAE Minister says supplies won’t be added if market balanced
Delegates privately expect another modest hike on Thursday

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By Verity Ratcliffe, Grant Smith, and Anthony Di Paola

March 28, 2022 at 2:57 PM UTC

This article is for subscribers only.

OPEC and its allies signaled that they still see no need to adapt their oil-supply plans even as the Russia-Ukraine conflict threatens the biggest market disruption in decades.

“We won’t add resources if the market is balanced, and the resources are in the market,” United Arab Emirates Energy Minister Suhail Al-Mazrouei said Monday at a conference in Dubai. OPEC+ isn’t focused on whether the specific loss of Russian shipments is causing an imbalance, he added.