OPEC+ to Boost Output Again

Oil producer group OPEC+ on Thursday agreed to rubber-stamp another small production increase for June, amid persistent concerns over weaker Chinese demand and shortly after the world’s largest trading bloc outlined proposals for new sanctions against Russian crude.
The influential energy alliance of OPEC and non-OPEC partners decided to raise production targets by 432,000 barrels per day for next month, sticking to an existing strategy of gradually unwinding record supply cuts, CNBC reported.
Led by OPEC kingpin Saudi Arabia, the group swiftly agreed in late March to raise its output targets for May.
The group’s latest meeting comes amid an unfolding supply crisis. The European Union on Wednesday announced plans to ban Russian oil imports within six months and refined products by the end of the year in its latest round of economic sanctions.
The bloc’s proposed measures reflect the widespread anger at Russian President Vladimir Putin’s unprovoked onslaught in Ukraine.
To be sure, Russia is the world’s third-largest oil producer, behind the US and Saudi Arabia, and the world’s largest exporter of crude to global markets. It is also a major gas producer and exporter.