OPEC and its allies agreed to a small, planned increase in crude production amid soaring oil prices, with concerns over supply heightened due to a possible Russian invasion of Ukraine.
The Organization of the Petroleum Exporting Countries and a coalition of Russia-led oil producers said they agreed to raise their collective production by another 400,000 barrels a day in March. The boost is in line with what the cartel, called OPEC+, agreed to last year as part of a plan to raise output to pre-pandemic levels.