Nevertheless,
Opec+ will increase its production:
Views of the siege of the organization of oil exporting countries in Vienna
Par Ahmad Ghaddar et Olesya Astakhova
The organization of oil exporting countries and its allies (OPEC+) announced on Sunday an increase in its oil production of around 547,000 barrels per day (BPJ) for September against the backdrop of concerns linked to possible disruptions of the Russian offer. In addition,
Eight OPEC+ members held a brief virtual meeting. However, while the United States is pressure on India to end Russian oil purchases, as part of the efforts made by Washington to bring Moscow to the negotiation table for a peace opec+ will increase its production agreement with Ukraine. Nevertheless,
In a press release published at the end of the meeting. the group justified its decision by the good health of the economy and the weakness of the stocks.
The United Arab Emirates will increase their production by 2.5 million BPJ, or around 2.4% of global demand
The eight countries are expected to meet again on September 7. when they could consider restoring a new production reduction phase, for a total of approximately 1.65 million BPJ, two OPEC+ sources said on Sunday’s meeting.
OPEC+ includes the 13 OPEC members and 10 of their allies, including Russia and Kazakhstan.
OPEC+, which provides about half of world oil production, has reduced production in recent years to support the market. But she went back this year to regain market share. while US President Donald Trump called her to contribute opec+ will increase its production to the stability of fuel prices.
The organization began to increase its production in April with a modest increase of 138. 000 BPJ, followed by larger increases of 411,000 BPJ in May, June and July and 548,000 BPJ in August.
The oil prices are nevertheless raised. the Brent closing nearly $ 70 a barrel on Friday, after a lower this year in April at 58 dollars per barrel, supported in part by a seasonal request.
Eight members of OPEC+ are still subject to voluntary reduction distinct from their production of around 1.65 million BPJ and all countries to a drop of 2 million BPJ. These restrictions must expire at the end of 2026.
(With Alex Lawler and Dmitry Zhdannikov; French version Kate Entringer)
Opec+ will increase its production
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