OPEC+ opens oil taps gradually as Russian war roils markets

LONDON (AP) — OPEC and allied oil-producing countries are gradually increasing the amount of crude they send to the world. That decision Thursday comes even as Europe’s proposed phaseout of Russian oil threatens to yank millions of barrels off a global market already thirsty for crude. The cautious approach from the OPEC+ alliance — which includes non-member Russia — will exacerbate a global energy crunch. Prices are expected to rise further for oil and the gasoline, diesel and aviation fuel made from it. OPEC+ has stuck with its road map to gradually open the oil taps, agreeing to add 432,000 barrels per day in June.