All eyes on how Opec+ will play its cards on oil supply at crucial meeting

Singapore

AS CRUDE prices hit the roof over fears of a supply crunch amid the escalating Russia-Ukraine crisis, all eyes are on the ministerial meeting of the oil cartel on Wednesday (Mar 2). The big question - will the influential grouping of petro nations stick to the pre-agreed gradual output hike or will they decide to pump even more oil as pressure from the West to do so builds up?

Even as analysts reckon that the Organisation of Petroleum Exporting Countries (Opec) and allies (Opec+) can't afford to sit tight as crude prices blow up and may be tempted to release more barrels into the market, most expect the cartel to ultimately take the cautious route and continue its pact with Russia for gradual supply resumption. But if it doesn't, it will come as a big surprise to the market and could tamp down soaring oil prices.