June 26, 2022
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OPEC + rejects US calls for rapid increase in oil production

OPEC logo on chart

By Alex Lawler and Ahmed Kader and Olesya Astakova

LONDON (Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed at a meeting on Thursday to maintain a plan to increase oil production by 400,000 barrels a day (bpd) a day, boosting oil production from December. Prices.

Saudi Arabia, a major OPEC producer, has already rejected calls for a rapid increase in oil supplies from a group collectively known as OPEC +, citing the economic crisis.

OPEC + sources say the United States has enough capacity to increase production if it wants to help the world accelerate the economic recovery.

Oil prices soared to a three – year high of $ 86 a barrel in 2021 as demand recovered from restrictions against Covit-19 and OPEC +.

However, manufacturers are worried about going too fast with the expansion of supply, fearing new setbacks in the war on epidemics.

Russian Deputy Prime Minister Alexander Novak says OPEC has added 2 million ppd to its global distribution since August, and will continue to plan to add another 400,000 ppd each month until the end of 2021 and the beginning of 2022.

“There are some signs of declining oil demand in the EU in October. Global oil demand is still under pressure from the Delta Govt variant,” Novak said, explaining why OPEC + chose not to add more barrels.

U.S. President Joe Biden on Saturday called on major G20 energy-producing countries with spare capacity to boost production to ensure a strong global economic recovery.

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