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Commodities

Russia looms large behind OPEC+ output hike decision

Experts see country's role affecting group's bid to prevent sharp fall in prices

The logo of the Organization of the Petroleum Exporting Countries (OPEC). OPEC+, which includes Russia and other producers, announced on Wednesday an output hike of 100,000 barrels a day to start next month.   © Reuters

DUBAI -- OPEC+ blamed capacity constraints for a meager oil output increase in response to pleas from U.S. President Joe Biden to open the taps wider, but experts are citing another reason for the stinginess: Russia.

OPEC+ groups members of the powerful Organization of the Petroleum Exporting Countries (OPEC) with other producers, including Moscow. It announced on Wednesday an output hike of just 100,000 barrels a day to start next month. The need to prudently use "severely limited" extra volume to guard against potential supply disruptions was. the official reason.

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