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OPEC+ Seen Sticking With Supply Plan Even as EU Sanctions Russia

  • Group expected to ratify 430,000 barrel-a-day hike for July
  • Analysts predict only half this increase will be implemented
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OPEC Weighs Exempting Russia From Oil Production Deal, WSJ Says

The OPEC+ coalition will likely hold firm to its oil production plans this week even as the European Union moves to sanction group member Russia, delegates said.

Global oil supply and demand levels remain stable, with no severe disruption yet to Russian exports, and thus require little action from the 23-nation alliance, according to the officials. With most members besides Saudi Arabia and its neighbors struggling to increase production, the group’s decisions are in any case becoming largely symbolic.