OPEC+ likely to stick to May oil output rise in today’s meeting

Logo of OPEC+

OPEC+ are likely to stick to its May oil output increase plan at its meeting today, March 31, five sources in the bloc of oil producing nations told Reuters.

A Bloomberg survey also indicated that OPEC+ may agree to a modest increase of adding 432,000 barrels per day for May at today’s meeting.

This comes despite pleas from the US and the International Energy Agency to pump more crude to cool down oil prices, which rose sharply as result of the blow of Western sanctions over Russia’s invasion of Ukraine.