OPEC +: No problems between members after Russia’s attack on Ukraine

An agreement between OPEC + oil producers does not show “cracks” so far after the Russian invasion of Ukraine, OPEC + sources said and the group is likely to insist on a planned increase in production at a next week meeting despite the slow exceeded $ 100 a barrel.

OPEC + members meet on March 2 to decide whether to increase production by 400,000 barrels per day (bpd) in April.

OPEC + was set up in 2016 to coordinate production cuts, which were implemented to address past oversupply and subsequent weakening demand during the pandemic.

However, Russia’s invasion of Ukraine came despite warnings from the United States and OPEC members in the Gulf, which are close allies of the United States, stressing that the producer group has some geopolitical obstacles.

However, a Russian oil source said on Wednesday that OPEC + had held some informal talks in which Moscow explained its position on Ukraine and the other OPEC + countries showed a neutral stance.

A senior OPEC + source has rejected the suggestion that the end of OPEC + has come.

“Russia has close cooperation with the Saudis, so cooperation will continue,” the Russian oil source said. “About the next meeting – no changes are expected at the moment.”

Four other OPEC + sources also said they did not expect changes to the agreement. They cited reasons that included the need to maintain the coherence of OPEC + and to maintain a steady course and not to politicize the decision since OPEC + is not a political organization.

Russia and Saudi Arabia co-chair OPEC + and are its largest producers.

“Relationships will not change due to high prices,” said one source. “OPEC + has an agreement and will abide by it.”

OPEC + has resisted pressure from the United States and others to pump more oil since last year.

None of the sources said an increase of more than 400,000 bpd was possible next week.