Opec+ has agreed a 432,000 b/d increase in its crude output target for May, resisting external pressure to raise production at a faster rate to ease concerns about a potential shortfall in Russian supply. The group’s 31 March ministerial meeting was held against the backdrop of increased political pressure on it to rethink its approach in light of the risk to Rus- sian supply from international sanctions. Last month, OECD energy watchdog the IEA said at least 3mn b/d of Russian oil output could be forced of line as early as April. Leading oil trading frms project a similar-sized decline.
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