OPEC+ Refuses to Deviate From Gradual Oil Output Hikes

Cartel sticks to longstanding plan for gradual output hikes
U.S considers unprecedented 180 million-barrel stock release

OPEC says it will stick to their schedule of gradual output hikes. Meanwhile, Bloomberg has learned the U.S. is considering a massive release of crude from its reserves. Regina Mayor of KPMG is on “Bloomberg Surveillance.”Source: Bloomberg

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By Grant Smith and Salma El Wardany

March 31, 2022 at 8:08 AM EDT

Updated on

March 31, 2022 at 9:23 AM EDT

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OPEC and its allies stood back from the crisis engulfing oil markets, refusing to deviate from their schedule of gradual production increases as the U.S. considered an unprecedented release from emergency crude stockpiles.

The cartel ratified the 432,000 barrel-a-day supply increase scheduled for May at an online meeting on Thursday, according to a statement. The decision was in line with expectations and very much peripheral to the main driver of prices on the market -- President Joe Biden’s plan to release about 1 million barrels a day from crude reserves for several months to ease the disruption caused by Russia’s invasion of Ukraine.

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