OPEC Sticks to Production Plan Despite Elevated Oil Prices Amid Ukraine War

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Cartel agrees to keep small output increase despite rocketing prices

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Russia’s war on Ukraine has spurred a wave of international sanctions on Moscow and lifted global oil prices above $100 a barrel for the first time in eight years. The US and Europe have called on the Organization of the Petroleum Exporting Countries to do more to calm the market. On Thursday, the Biden administration is expected to act on its own by releasing up to 1 million barrels of oil a day from the US’s Strategic Petroleum Reserve, Businesshala reported.

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Brent crude, the international oil benchmark, fell 5.4% to $105.43 a barrel on Thursday after the plan was reported. West Texas Intermediate, the main US gauge, fell more than 6% to $101.18 a barrel. Those are the lowest levels in several days but still well above where prices stood before Russia’s invasion of Ukraine.

Write to Summer Said at [email protected] and Benoit Faucon at [email protected]

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Credit: www.Businesshala.com /

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