OPEC+ Set for Only Slight Oil Output Target Increase in May: Sources

“The Saudis are careful,” a source said. “They don’t want to hike oil output above plan in order not to show they are against Russia.”

Alex Lawler, Ahmad Ghaddar and Rowena Edwards, Reuters

OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the group said, despite a surge in prices due to the Ukraine crisis and calls from the U.S. and other consumers for more supply.

Several consuming nations including the U.S. have urged producers to raise their output by more as crude prices have surged, hitting their highest since 2008 this month at over $139/bbl.

But major OPEC members such as Saudi Arabia and the United Arab Emirates (UAE) have held back on increasing their production targets, while OPEC+, a group that includes Russia, has steered clear of the topic of Ukraine.

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