The Organization of the Petroleum Exporting Countries (OPEC) and other exporters are likely to support an increase in oil production in April by 137,000 barrels per day, Reuters reported, citing its own sources, on Wednesday, February 25.
Three unnamed sources told Reuters that the cartel members are preparing for an increase in demand, which traditionally increases in the summer. In addition, tensions between the United States and Iran are leading to a rise in prices.
Saudi Arabia, the United Arab Emirates, Kazakhstan, Iraq, Kuwait, Algeria, Oman and the aggressor country of russia will hold a meeting on Sunday, March 1.
Reuters writes that the increase in production will allow Saudi Arabia and some other members of the cartel to regain market share, as Iran and russia are under the brunt of sanctions, and Kazakhstan was forced to reduce production due to a series of technical failures.
Two other sources told the agency that Saudi Arabia is preparing to activate a plan to increase oil production and exports in the short term if the United States decides to launch a military operation against Iran, which could disrupt oil supplies from the Middle East.
As Ukrainian News Agency reported, earlier this month it was written that OPEC+ is inclined to resume increasing oil production from April. The cartel is not afraid of a decline in prices, as it is restrained by tensions between the United States and Iran.
Recall that russia is rapidly running out of oil storage capacity. In the near future, this may lead to the fact that Moscow will be forced to reduce oil production even further.
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