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[size=36]OPEC + ignores Washington's call to increase production[/size]
Economie| 11:36 - 04/11/2021
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Baghdad - Mawazine News,
"OPEC" and its allies ignored Washington's call for more oil supplies in order to curb prices, and agreed at today's meeting to stick to plans to increase production by 400,000 barrels per day.
Russian Deputy Prime Minister Alexander Novak said that since August, "OPEC" has added two million barrels per day to global supplies, and will continue its plan to add another 400,000 barrels per month until the end of the year and during the first months of 2022.
On the reason for "OPEC +" choosing not to increase production, he said Novak: “There are some indications of a decline in oil demand in the European Union in October, while global demand for oil is still under pressure from the effects of the Corona mutated delta.”
Saudi Energy Minister Abdulaziz bin Salman said that producers are concerned about moving too quickly, fearing new setbacks in the battle against the pandemic and the pace of economic recovery.
He added that oil stocks will witness a "tremendous" rise at the end of 2021 and early 2022 due to the slowdown in consumption.
US President Joe Biden had urged the major energy producing countries in the Group of Twenty that have spare capacity to increase production to ensure a stronger global economic recovery.
"OPEC" and its allies ignored Washington's call for more oil supplies in order to curb prices, and agreed at today's meeting to stick to plans to increase production by 400,000 barrels per day.
Russian Deputy Prime Minister Alexander Novak said that since August, "OPEC" has added two million barrels per day to global supplies, and will continue its plan to add another 400,000 barrels per month until the end of the year and during the first months of 2022.
On the reason for "OPEC +" choosing not to increase production, he said Novak: “There are some indications of a decline in oil demand in the European Union in October, while global demand for oil is still under pressure from the effects of the Corona mutated delta.”
Saudi Energy Minister Abdulaziz bin Salman said that producers are concerned about moving too quickly, fearing new setbacks in the battle against the pandemic and the pace of economic recovery.
He added that oil stocks will witness a "tremendous" rise at the end of 2021 and early 2022 due to the slowdown in consumption.
US President Joe Biden had urged the major energy producing countries in the Group of Twenty that have spare capacity to increase production to ensure a stronger global economic recovery.
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