Energy

OPEC+ meets as U.S. considers massive release of oil reserves

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Saudi Energy Minister Prince Abdulaziz bin Salman has said OPEC+ will keep politics out of its decision-making process in favor of the “common good” of stabilizing energy prices.

Ian Forsyth | Getty Images News | Getty Images

Oil producer group OPEC+ on Thursday decided to stick to its strategy of gradually reopening the taps following reports the U.S. is considering the largest ever draw from its emergency oil reserve.

The influential energy alliance of OPEC and non-OPEC partners swiftly agreed to raise its output targets by 432,000 barrels per day from May 1.

Energy analysts had widely expected OPEC+ to rubber-stamp another modest monthly increase despite sustained pressure from top…



Source cnbc.com

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