OPEC+ seen sticking to plan despite price shocks

OPEC+ will probably stick to its plan of only gradually increasing oil production when it meets this week, according to several delegates, even after Russia's invasion of Ukraine sent prices surging.

Oil's jump last week to $100 a barrel for the first time since 2014 was triggered mostly by geopolitics and did not reflect an imbalance between supply and demand, the delegates said. The group should continue adding 400,000 barrels a day of crude to the market each month, they said.

The Organization of Petroleum Exporting Countries and its partners - a 23-nation alliance known as OPEC+ and which includes Russia - meets on Wednesday to decide production targets for April.


The group and its de facto leader, Saudi Energy Minister Abdulaziz bin Salman, have a history of surprising markets. It's still possible their stance changes over the next three days.