- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says 'very violent' Israeli strikes hit south Beirut
- Guardians maul Tigers, miracle Mets rally in MLB series openers
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Madrid beat Villarreal but Carvajal suffers knee injury
- Madrid beat Villarreal to move level with Liga leaders Barcelona
- Monaco take top spot in Ligue 1 with win at Rennes
- French rugby player on rape charge whistled but 'serene' on return
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Toddler among 3 dead in migrant Channel crossings
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Kovacic stars as Man City sink Fulham to get title bid back on track
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Thousands march for Palestinians ahead of Oct 7 anniversary
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Toddler crushed to death in migrant Channel crossing
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
OPEC+ backs another modest oil output hike despite surging prices
Top oil-producing countries led by Saudi Arabia and Russia announced another modest increase in output on Wednesday despite soaring crude prices and geopolitical tensions rattling the markets.
The 23-nation OPEC+ group said in a statement that it will increase production by 400,000 barrels per day in March, the same amount as in previous months.
The group, which includes the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, has resisted US pressure to further boost production to tame prices.
OPEC+ said in its statement following a ministerial videoconference that the decision was made "in view of current oil market fundamentals and the consensus on the outlook".
The alliance's prudent approach dates back to the spring of 2021 as demand recovered after drastic 2020 cuts in the face of the Covid-19 pandemic.
The announcement Wednesday "was hardly surprising, as the group has rigidly followed this approach since it was first agreed upon, even in December when oil prices plunged following the emergence of Omicron," said Edward Gardner, commodities expert at Capital Economics.
"What matters going forward is whether OPEC+ can keep up with its planned production increases," he said.
Oil prices hit seven-year highs in January, with the main international crude contract, Brent, topping $90. Prices are now hovering under $90.
Victoria Scholar, an expert at Interactive Investor, said she expected "further gains" due to solid demand and "drip-feed production increases" by OPEC+.
- Struggling to meet quotas -
OPEC+ is already struggling to meet its quotas with some members, such as Angola and Nigeria, unable to scale up their production and others, such as Saudi Arabia and the United Arab Emirates, unwilling to do so, said Carsten Fritsch of Commerzbank.
In December, the total volume of OPEC+ output increased by only 90,000 barrels per day, far short of the 400,000 target, according to a survey by the Bloomberg news agency.
The market has been further boosted by soaring geopolitical tensions plaguing stalwarts of oil production -- Russia, Saudi Arabia and the United Arab Emirates.
The United Arab Emirates on Monday intercepted another ballistic missile launched by Yemen's Huthi rebels, the latest attack on the Gulf country, which is part of a Saudi-led military coalition.
In Europe, tensions between Moscow and Western allies are at their highest point since the Cold War after Russia massed troops on its border with Ukraine.
"Ukraine-Russia (tensions) can only keep pushing it up as long as the situation keeps getting worse," said Neil Wilson, analyst at Markets.com.
A.Malone--AMWN