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Bloomberg
Opec and its allies once again ratified a small monthly increase in production, even as global markets look set to tighten because the European Union is considering banning supplies from Russia.
International consumers have called on Saudi Arabia and its partners to fill the gap left by a boycott of Russian crude and help ease the inflationary pain caused by prices near $110 a barrel.
But in yet another brief meeting, the Organisation of Petroleum Exporting Countries and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June, according to a statement from the group. That’s a volume analysts doubt they’ll even be able to deliver as most members struggle with the capacity constraints.
Russia’s invasion of Ukraine has added a further complication for the group. Doing anything beyond the scheduled monthly supply increase would require support from Moscow, which would be unlikely to help other producers replace its lost exports.