OPEC countries are currently facing not only an economic but also a political dilemma. The Wall Street Journal reported on Monday that the Organization of the Petroleum Exporting Countries is discussing the possibility of suspending cooperation with Russia since 2016.
This would allow OPEC countries to increase their oil production faster, thus reducing prices and helping the US and Europe to put pressure on Russia.
However, this week’s meeting has ended in a controversial outcome, which is partly satisfactory for the West, but also for Russia.
Analysts said that further reductions in fuel prices would require improvements in US-Saudi relations.
That is why there are rumors on the possible visit of the President of the United States to this country. At the same time, there are doubts about the ability of oil-producing countries to meet the targets already set.
CONTEXT:
At a time when energy prices are rising sharply and the European Union (EU) is falling introduce a partial ban on Russian oil imports, The oil-producing alliance OPEC + on Thursday, June 2, decided to increase oil extraction faster than expected. Oil production will increase by 648,000 barrels per day in July, compared with an increase of 432,000 barrels per day in previous months.
The OPEC + format includes 13 Organization of the Petroleum Exporting Countries (OPEC) and a further 10 oil-producing countries, including Azerbaijan, Russia, Kazakhstan, Malaysia and Mexico.
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