OPEC Sticks to Production Plan Despite Elevated Oil Prices Amid Ukraine War
The Organization of the Petroleum Exporting Countries said there is nothing it can do to stop rising oil prices, as it decided again Thursday to stick with a Moscow-backed production plan that has done nothing to tame the market during the Ukraine war.
In its second meeting since the Kremlin ordered the assault on Ukraine, a partnership between OPEC and a group of Russia-led countries, dubbed OPEC+, declined again to tap into its millions of barrels of remaining capacity to pump more oil. Instead, they agreed to raise their collective oil output by a modest 432,000 barrels a day, rejecting calls from oil-consuming countries to do more.
