OPEC Struggled With Modest Oil Supply Boost During Russia Tumult
- March output rose 90,000 barrels a day to 28.6 million a day
- Members are struggling with low investment and disruptions
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OPEC struggled to deliver even a modest scheduled increase in oil supplies last month, when major consumers were urging the cartel to fill in the gap left by Russia.
The Organization of Petroleum Exporting Countries rebuffed calls to open the taps even as Russia’s invasion of Ukraine roiled markets and propelled prices as high as $139 a barrel. The group has insisted it will stick to the regimen of careful supply hikes agreed last year.