OPEC+ limits production increase to 100,000 barrels

OPEC+ limits production increase to 100,000 barrels
OPEC+ limits production increase to 100,000 barrels

Africa-Press – Eswatini. The OPEC+ alliance decided this Wednesday to increase its oil supply by 100,000 barrels a day next month, a very limited increase compared to previous months.

“The very limited availability” of the ability to pump more oil in a short period of time “requires that it be used with great caution”, underlines OPEC+ in a statement released after the monthly meeting of the Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia and 10 other allies, including Russia.

This response comes after the recent visit of the US President, Joe Biden, to Saudi Arabia and the pressure from the United States and the European Union for an increase in production that allows to stop the rise in prices.

Last week, French President Emmanuel Macron also received Saudi Crown Prince Mohammed bin Salman for a working dinner at the Élysée Palace, despite the controversy over the 2018 murder of journalist Jamal Khashoggi at the Saudi consulate. Saudi Arabia in Istanbul and the protests by human rights defenders.

The slowdown in the increase in production will take place from September, after the approval of 432,000 and 648,000 additional barrels in the previous months.

After “observing the dynamics and rapid evolution of the oil market fundamentals”, it was decided to “adjust upward the level of production by 0.1 million barrels per day (mbd)” in the member countries of the alliance, the statement said.

The ministers of the alliance countries who participated in the meeting, by videoconference, highlighted “the value and importance of maintaining the essential consensus for the internal cohesion” of the group and convened its next meeting for 5 September.

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