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OPEC+ sticks to modest oil output increase

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OPEC and its Russia-led allies on Thursday stuck to their policy of modest oil production increases despite Western pressure to step up production as the Ukraine conflict has rocked the market.

The group said in a statement that it would increase production by 432,000 barrels per day in May, marginally higher than the 400,000 barrels per day released in previous months.

OPEC+ has warned the global economy would see a major blow from a prolonged conflict in Ukraine, the oil producing group said in an internal report, seen by Reuters.

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“Consumer and business sentiment is expected to decline not only in Europe, but also in the rest of the world, when only accounting for the inflationary impact the conflict has already caused,” it said.

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