June 29, 2022
OPEC+ maintains plans and closes an agreement to increase production by another 400,000 barrels per day in April;  Oil is accelerating dramatically

OPEC+ maintains plans and closes an agreement to increase production by another 400,000 barrels per day in April; Oil is accelerating dramatically

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a small planned addition to oil production in April of 400,000 barrels per day, despite prices rising to levels not seen in more than eight years, amid concerns about supplies after the Russian invasion of Ukraine.

The OPEC+ decision comes a day after the United States and other major oil consuming countries announced on Tuesday that they would release 60 million barrels of oil from emergency stocks in an effort to tame rising prices.

Oil prices have risen sharply in recent months, driving up inflation around the world, in part due to the inability of many OPEC+ members to meet their production quota as global demand rises.

Values ​​exceeded $110 for the first time since 2014 when refineries refused to buy Russian oil, raising concerns about global energy supplies.

After the OPEC+ decision to keep pace with the higher production pace, oil prices accelerated further, with Brent crude reaching more than $113 a barrel. At 11:12 a.m. (Brazilian time), Brent crude for May delivery rose 6.52% to $111.81 a barrel, while West Texas Intermediate crude jumped 6.51% to $110.20 a barrel, hitting $112.51, the highest level since 2011.

(with Dow Jones Newswires and Estadão Content)

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