OPEC+ set to deliver 400k bpd increase, as planned – report

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There’s been little real push for more oil from OPEC+. The UAE has refrained from criticizing Russia’s invasion so they’re certainly not isolated from OPEC.

OPEC argues that there’s geopolitical premium in oil and that barrels aren’t missing.

Of course, they certainly don’t mind the windfall in revenues from oil near $100 and I don’t think they want to spoil their own party.

Today, WTI crude oil rose as high as $99.10 but its slipped back to $95.37.