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OPEC+ likely to stick to existing oil output deal, sources say

The sources, who spoke to Reuters on condition of anonymity, were attending a joint technical committee meeting that advises OPEC+ on market fundamentals. The full ministerial meeting will take place on Thursday.

March 31, 2022 / 08:17 AM IST
Representative image

Representative image

OPEC+ sources said on Wednesday the producer alliance which includes Russia is likely to stick to its existing deal to gradually increase oil production, a view echoed by OPEC Secretary General Mohammad Barkindo.
The sources, who spoke to Reuters on condition of anonymity, were attending a joint technical committee meeting that advises OPEC+ on market fundamentals. The full ministerial meeting will take place on Thursday.

Barkindo encouraged OPEC+ members "to stay the course" regarding the group's decision, according to an OPEC statement.

He also said that OPEC+ members should remain "vigilant and attentive to ever-changing market conditions".

OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the talks told Reuters, despite a surge in prices due to the Ukraine crisis and calls from the United States and others for more supply.