The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, announced on Wednesday that it would stick to existing plans for a modest oil output increase of 400,000 barrels per day in April despite surging crude prices.

Oil prices shot above $110 a barrel this week, hitting peaks not seen since 2014, as Western sanctions tightened on Russia and disrupted oil sales from Russia, the world's second-largest oil exporter.

The Western measures have deterred many buyers of Russian crude and even caused problems for exports from Russia's neighbor, Kazakhstan, another member of OPEC+.

The group comprising the OPEC, Russia and allied producers has been hiking output by 400,000 barrels per day (bpd) each month since August as OPEC+ unwinds cuts made when the pandemic slashed demand.

"Current oil market fundamentals and the consensus on its outlook pointed to a well-balanced market, and that current volatility is not caused by changes in market fundamentals but by current geopolitical developments," OPEC+ said in a statement after Wednesday's meeting that announced the decision to roll over existing plans. 

(With input from Reuters)