The oil cartel OPEC (Organization of Petroleum Exporting Countries) and its allies, together OPEC+, have agreed to further increase oil production in the coming months. This is an increase of about 50 percent, or 648,000 barrels per day in the months of July and August. This is evident from a statement after the monthly meeting of the cartel. In recent months, up to 432,000 barrels have been pumped extra.
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The increase would be distributed proportionally among all members, it sounds. The question is whether all oil-producing countries will be able to achieve the higher quota. Countries such as Angola and Nigeria, but also Russia, recently had difficulties with this.
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Russia approved the plan to increase production in a record time of eleven minutes, anonymous sources told the Bloomberg news agency. The issue of excluding the country from OPEC+ meetings, under the international sanctions following the invasion of Ukraine, was not on the table.
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The pressure to produce more was high. In this way it is hoped to slow down the rising oil prices, partly as a result of the war in Ukraine and the sanctions against Russia.
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The oil price had already fallen before the meeting, when it leaked that Saudi Arabia, among others, was prepared to increase production. After the meeting, the oil price rose again. In New York, a barrel of WTI oil cost 0.7 percent more, to $ 116.3 per barrel.
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Also read:
Oil prices lower after reports that Saudi Arabia wants to produce more
Russian economy shrinks due to international sanctions
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