The Organization of the Petroleum Exporting Countries (OPEC) and its allies in the “OPEC Plus” agreed, today, Wednesday, to slow the pace of production increase, and with a very modest increase in production, by 100,000 barrels per day during the month of next September, compared to about 432,000, then an additional 648,000 barrels. in the previous two months.
Sharjah 24 – AFP:
The Organization of the Petroleum Exporting Countries (OPEC) and its allies in the “OPEC Plus” decided today, Wednesday, to slow the pace of production increase, despite US President Joe Biden’s call for an increase in production to try to limit the rise in prices.
Representatives of the thirteen member states of the Organization of Petroleum Exporting Countries “OPEC” and their ten partners, led by Moscow, agreed on a very modest increase in production, by 100,000 barrels per day during the month of September, compared to about 432,000, and then an additional 648,000 barrels in the previous two months. According to what the coalition announced in a statement at the conclusion of the meeting.
Today, Wednesday, the 23 member states of the alliance are supposed to decide a new strategy, as the current agreement is nearing its end. On paper, production has returned to pre-Covid-19 levels.
In the spring of 2020, the group chose to keep millions of barrels of oil underground, to avoid flooding the market with crude that it was unable to absorb due to the collapse in demand.
With Wednesday’s decision, the “OPEC +” alliance proves that it is still cohesive, and that it deals carefully with Russia, whose interests completely contradict those of Washington.
In the statement, “OPEC +” stressed the importance of maintaining understanding, which is necessary for the cohesion of the alliance.