OPEC+ oil production is not rising fast enough for some consumers. File Image / Pixabay
Oil exporter group OPEC+ has kept to its plans for a modest hike in crude output next month, despite calls for a more aggressive response to recent price jumps.
The group -- consisting of the core OPEC states and ten other countries including Russia -- will stick to a planned 400,000 bl/d hike in crude output next month, news agency Reuters reported on Monday. Energy ministers from the group's members held an online meeting on Monday.
The front-month Brent crude futures contract climbed to $81.38/bl as of 3:29 PM in London, up from $79.28/bl at Friday's close. Brent futures started 2021 at just $51.80/bl.
Bunker prices have risen in tandem with crude this year. The global average VLSFO price stood at $583.50/mt on Friday, according to Ship & Bunker's G20 Index of prices at 20 leading bunkering ports, up from $421/mt at the start of 2021.
Oil consuming nations including the US had hoped for a greater increase in crude output to combat the recent surge in costs.