OPEC+ agreed on Wednesday to stick to moderate rises in its oil output, with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to cap surging prices.
The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+ that produces more than 40 percent of global oil supply, has faced calls from the United States, India and others to pump more oil as economies recover from the coronavirus pandemic.
But OPEC+ has stuck to its target of monthly increases of 400,000 barrels per day (bpd) and blamed surging prices on the failure of consuming nations to ensure adequate investment in fossil fuels as they shift to greener energy.
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