(OPEC) OPEC has indicated sticking with its output increase policy, as the cartel sees any reduced supply due to the Russian-Ukraine conflict being offset by dampened global demand.
OPEC+ expects the global consumption of crude to decline by 410,000 barrels a day in 2022. The group expects supplies from outside the oil cartel to fall by 310,000 bpd.
The oil cartel says output from Russia will be 530,000 bpd below its previous forecasts as sanctions against Moscow drive away from major oil refiners.
OPEC+ expects the move by China to reimpose strict lockdowns to cause a depressed demand for the commodity.
The oil cartel will now stick with its policy of restoring output by about $400,000 bpd, despite some of its members facing difficulties in meeting the production quota.
The neutral stance by OPEC is now expected to rub the US and some allies the wrong way, which are calling for more oil in the market.
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