Vienna (AFP)
The oil-producing countries of the “OPEC +” announced yesterday a larger than expected increase in their production this summer in an attempt to limit the rise in prices since the beginning of the war in Ukraine.
The coalition announced in a statement that the representatives of the thirteen member countries of the Organization of the Petroleum Exporting Countries (OPEC) and their ten partners (OPEC +) agreed to “adjust July production by an increase of 648,000 barrels per day,” compared to 432,000 barrels identified in the previous months. The statement stressed the “importance of market stability and balance.” For its part, the United States of America welcomed the decision of OPEC + to increase oil supplies, and the White House said in a statement yesterday that the United States welcomed the decision of the OPEC + countries to increase oil supplies, praising the role of Saudi Arabia, the UAE, Kuwait and Iraq in achieving consensus in OPEC +.
Yesterday, members of the Organization of Petroleum Exporting Countries (OPEC) and its allies met within the framework of “OPEC Plus” to discuss its oil production in a meeting overshadowed by the European Union’s announcement of a ban on Russian crude, which puts Moscow in a critical position within the alliance.
