OPEC offers Europe little hope of quitting Russian oil

Cartel set to keep policy of only modest production increases at meeting

20220505 OPEC

The OPEC+ alliance is expected to ratify plans for a production increase for June of 430,000 barrels a day. (Source photos by AP and Reuters) 

NESREEN BAKHEIT, Nikkei staff writer

DUBAI -- Europe's desire to break its dependence on Russian energy isn't getting any backing from OPEC.

Delegates from the wider OPEC+ cartel, which includes Russia, are unlikely to signal a willingness to replace any supply gap at their meeting later on Thursday, even as the European Union works toward a ban on Russian crude over the next six months in protest of President Vladimir Putin's invasion of Ukraine.

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