The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, said on Thursday that they would stick to existing plans for modest oil production increases in June despite surging crude prices.
The alliance reconfirmed "the decision to adjust upward the monthly overall production by 432,000 barrels per day for the month of June 2022," according to a statement released after the 28th OPEC and non-OPEC Ministerial Meeting.
OPEC+ mentioned in the statement "the continuing effects of geopolitical factors and issues related to the ongoing pandemic" on the oil market.
However, the alliance insisted that the oil market fundamentals and the consensus on its outlook still "pointed to a balanced market."
The decision came a day after the European Union on Wednesday unveiled a plan to phase out Russian oil imports, which pushed up oil prices amid heightened supply concerns.