Major oil-producing countries have decided to maintain their output plan for May. The move comes despite a surge in crude prices largely stemming from Russia's invasion of Ukraine.

Members of the Organization of the Petroleum Exporting Countries, or OPEC, and allied oil-producing nations, including Russia, held online talks on Thursday.

The group, known as OPEC Plus, agreed to increase production for May by 432,000 barrels per day.

It said in a statement that the current volatility in crude prices is not caused by disruptions to oil market fundamentals, "but by ongoing geopolitical developments."

Oil-consuming nations have been calling for a larger production increase. Crude prices have soared as exports from Russia are expected to drop due to economic sanctions imposed against the country for its invasion of Ukraine.

Ahead of the meeting, ministers from Saudi Arabia, which leads OPEC, and the United Arab Emirates urged political discussions to be excluded from the talks.

Analysts say this shows their willingness to continue cooperation with Russia and maintain the framework of OPEC Plus.