The group of oil producers known as OPEC+ refused to offer relief to the market despite soaring oil prices. The alliance declined the call of other nations to ramp up output and said it would stick to the plan approved earlier. The OPEC members are sure there is no reason to increase production as the current price volatility is caused by geopolitical developments rather than by real changes in the market. The cartel insists it will maintain its output increase at the rates agreed on last year. Overall, this decision did not come as a surprise to the market. At the moment, the only fundamental factor that is shaping the sentiment of oil traders is the recent plan announced by the US president. Thus, Joe Biden is planning to release up to 180 million barrels from the US Strategic Petroleum Reserve, which will add roughly 1 million barrels of oil per day in the next few months. By now, only the US has imposed a complete ban on energy imports from Russia. However, other countries also avoid buying Russian oil as dealing with Russia in any way is now considered toxic. Since early March, many Western traders and refineries have refused to buy Urals oil grade even though it was offered at a record discount.
