LONDON: Top oil producing countries led by Saudi Arabia and Russia are expected to stick to their guns and announce another modest output increase on Wednesday despite soaring crude prices.

The 23-nation Opec+ cartel has resisted US pressure to further boost supplies to tamp down prices, maintaining increases of 400,000 barrels per day in the past months.

The group, which includes the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (Opec) and their 10 allies, including Russia, will unveil its March output decision after a ministerial meeting.

The alliance’s prudent approach dates back to the spring of 2021 as demand recovered after drastic 2020 cuts in the face of the Covid-19 pandemic.

Tamas Varga, an analyst at PVM Energy, said Opec+ will likely continue its 400,000-barrel policy.

Oil prices hit seven-year highs in January, with the main international crude contract, Brent, topping $90. Prices are now hovering under $90.

Victoria Scholar, an expert at Interactive Investor, said she expected “further gains” due to solid demand and “drip-feed production increases” by Opec+.

OPEC+ is already struggling to meet its quotas with some members, such as Angola and Nigeria, unable to scale up their production and others, such as Saudi Arabia and the United Arab Emirates, unwilling to do so, said Carsten Fritsch of Commerzbank. — Reuters