Tuesday, April 23, 2024

“OPEC Plus” increased production by 400,000 barrels in April

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LONDON (Reuters) – The Confederation of Oil Manufacturers (OPEC) on Wednesday agreed to increase production by 400,000 barrels in April, despite a sharp rise in prices amid sanctions against Russia over a military offensive in Ukraine. Oil rose to $ 110 this week as Western sanctions tightened the noose around Moscow, disrupting supplies from Russia, the world’s second-largest oil exporter. Western activities have caused problems in exports from Kazakhstan, which is also a member of the “OPEC Plus”, which is affiliated with the Organization of the Petroleum Exporting Countries (OPEC), Russia and oil producing countries. “OPEC Plus” has increased production by 400,000 barrels per month since last August, in a bid to reverse their decision to cut production due to lower oil demand due to the Govit-19 epidemic. The four sources of “OPEC Plus” said in an online meeting lasting less than a quarter of an hour that the ministers on the board agreed to adhere to existing production plans. It was also recommended at the Joint Oversight Committee meeting of Ministers that the existing plans should not be changed. “Participants dismissed geopolitical tension as an influential factor in the meeting,” a source said earlier, referring to earlier preparatory talks and reaffirming their commitment to the underlying factors. Russia described its actions in Ukraine as a “special operation” and said it had no intention of invading it. The United States has repeatedly called for an increase in the production of this camp. Some more countries have the potential to increase production. The remaining effective cuts to OPEC Plus production due to the epidemic are 2.6 million barrels a day, and the federation is expected to recover it by the end of next September. Oil prices rose sharply as demand recovered strongly due to the decline in the impact of the epidemic.

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Rolf Colon
Rolf Colon
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