OPEC+ says current volatility due to geopolitics not market fundamentals

OPEC+ oil producers said they will stick to their modest output rises as oil prices rose above $110 per barrel due to Western sanctions on Russia that disrupted supply from Russia, the world's second largest oil exporter.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia have been raising output by 400,000 barrels per day (bpd) each month since August. They said on Wednesday that there would be no further increase, citing market volatility to the geopolitics tensions and not issues related to market fundamentals.

To date, Russia's invasion of Ukraine - which the Russians insist on calling a special operation - had yet no impact on the functioning of the output deal between the OPEC+ countries. 

The next OPEC+ meeting will be held on the 31st of March of this year.