Oil’s jump to $100 earlier this week hasn’t changed the dynamics in the OPEC+ group. A senior source with OPEC+ rejected the idea that the Russian attack on Ukraine could be the end of the OPEC+ alliance. Despite $100 oil and the Russian invasion of Ukraine, the OPEC+ alliance is set to rubberstamp another 400,000 bpd increase in monthly production targets next week, several OPEC+ sources told Reuters on Friday. Russia and OPEC’s de facto leader Saudi Arabia lead the OPEC+ group, which has been managing supply to the market since the beginning of 2017 and survived the 2020 crash in demand and a month-long rift over market share between OPEC’s Saudi Arabia and the leader of the non-OPEC group in the pact, Russia. Several OPEC members are also U.S. allies, such as the United Arab Emirates (UAE) and Kuwait. The Russian invasion of Ukraine —the move that triggered […]