OPEC+ Likely to Maintain Production Increase Plan in May

SHANGHAI, Mar 29 (SMM) - Several sources close to OPEC+ said that OPEC+ was likely to stick to its plans to increase output slightly in May, despite a surge in oil prices due to the Ukraine crisis and calls from consuming countries to increase supply. Several oil consumers, including the U.S., have urged producers to boost output as crude prices rose to more than $139/barrel, the highest since 2008. But major OPEC members such as Saudi Arabia and the United Arab Emirates did not raise their targets. One of the sources said Saudi Arabia was reluctant to agree to a sharp increase in output.