OPEC+ Set to Stick With Supply Plan Even as EU Eyes Russia Ban
- Delegates say group will ratify another 430,000-barrel hike
- Resilience of Russian exports assures OPEC+ it can stand pat
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Europe may be edging closer to a ban on Russian oil imports, but the OPEC+ alliance sees no need to divert from its long-established supply plan.
With shipments continuing to flow from Moscow -- and proving more resilient than many anticipated -- delegates say the 23-nation group will likely ratify another modest production increase when it gathers next week. The threat to demand in China from new lockdowns aimed at combatting Covid is a further reason to stay cautious, they said.