VIENNA, May 5 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, announced on Thursday that it would stick to existing plans for modest oil production increases in June despite surging crude prices.

The oil alliance reconfirmed "the decision to adjust upward the monthly overall production by 432,000 barrels per day for the month of June 2022," according to a statement released after the 28th OPEC and non-OPEC Ministerial Meeting.