OPEC+ agrees to increase oil production

OPEC + in a recent meeting agreed to increase crude oil pumping to the market in the next 2 months. Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+), including Russia.

On June 2, 2022, the group agreed to increase supply by 648,000 barrels per day in July and August. The increase in production this time is 200,000 barrels a day higher than the old plan.

OPEC+ increases oil production for the world

The US administration welcomed the decision and emphasized the role of Saudi Arabia.

Some OPEC members consider suspending the implementation of the OPEC + production agreement, Saudi Arabia and the UAE increase oil supply to the world market.

Saudi Arabia previously did not agree to increase the supply of oil, which it planned to produce according to the old plan.

Russia’s oil production fell by 1 million barrels a day in the past few months, due to sanctions.

The price of Brent oil this week touched $125 a barrel, the highest price since early March 2022. US crude oil WTI also rose to 120 USD. These two oils fell to 117 USD and 116 USD.

The European Union this week announced a ban on imports of 90% of Russian oil until the end of the year.

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