OPEC sticks to plan of gradual output hikes as crude soars

By CATHY BUSSEWITZ
AP Business Writer

NEW YORK (AP) — The leaders of OPEC and its oil-producing allies are sticking with their plan to gradually increase oil production while Russia’s invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing. The OPEC+ coalition of oil producers chose to increase oil production by 400,000 barrels per day in April. Since July, the coalition made up of OPEC members led by Saudi Arabia and non-cartel members led by Russia has been adding that amount of oil each month to gradually restore deep cuts to production made early in the coronavirus pandemic.