OPEC+ Sticks With Supply Plan

OPEC+ Sticks With Supply Plan
OPEC+ Sticks With Supply Plan

The OPEC+ coalition will likely hold firm to its oil production plans this week, even as the European Union moves to sanction group member Russia, delegates said.
Global oil supply and demand levels remain stable, with no severe disruption yet to Russian exports, and thus require little action from the 23-nation alliance, according to the officials, Bloomberg reported.
With most members besides Saudi Arabia and its neighbors struggling to increase production, the group’s decisions are in any case becoming largely symbolic.
Oil prices continue to climb, surpassing $124 a barrel in London on Tuesday, as the EU’s planned embargo stands to tighten a global market already squeezed by rising fuel consumption and limited supplies. 
The rally has fed into the inflationary pressure that threatens to tip the global economy into recession, and the cost-of-living crisis hitting consumers around the world. 
Spiraling costs pose a growing political risk for US President Joe Biden, who has called on the Organization of Petroleum Exporting Countries to open the taps and is mulling a visit to Saudi Arabia to repair frayed diplomatic relations.
Riyadh and its partners, who still hold several million barrels of untapped spare capacity, have so far remained unmoved, however.

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