OPEC+ to increase production by 50 percent4 Jun 2022 07:39
OPEC+ decided to increase its daily production by 648 thousand barrels by increasing the rate of increase in oil production by 50 percent for June and July.
The OPEC+ group will increase oil production growth by 50 percent for the months of June and July.
OPEC, for the first time, responded to the fluctuations in the energy market with the Russian invasion of Ukraine. At the 29th OPEC+ Ministerial Meeting, it was decided to increase production more than planned. OPEC+ could not withstand the pressures coming from the main consumer countries of the world, which complained about high energy prices, especially the USA, for months and decided to increase the oil supply increase rate by 50 percent. OPEC+ decided to increase its daily production by 648 thousand barrels for the months of June and July.
The Joint Ministerial Monitoring Committee, which came together before the Vienna meeting of the oil and energy ministers of the OPEC+ member countries, suggested that the previously planned production increase of 432 thousand barrels / day be increased to 648 thousand barrels / day.
USA SATISFIED, RUSSIA SEEKS ALTERNATIVE MARKETS
It is thought that this increase decision taken by OPEC+ countries at the rate of increase in oil production will seriously affect the energy market. In the statement made by the White House after the decision, it was stated that the decision to increase the supply was welcomed and the role of Saudi Arabia in the reconciliation of this decision and the positive contributions of the UAE, Kuwait and Iraq were appreciated.
On the other hand, the first reaction from Russia came from Russian Deputy Prime Minister Aleksander Novak. Novak stated that it is important to continue cooperation in OPEC+ and said, "Our oil will be directed to other markets. I am sure that there will be new logistics chains."
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