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[size=36]OPEC: No intention to increase production[/size]
Economie| 09:53 - 04/21/2022
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The Organization of the Petroleum Exporting Countries, "OPEC", confirmed today, Thursday, that there is no tendency to increase production.
"The reason for the rise in oil prices, to a large extent, is the Russian-Ukrainian crisis," the organization said in a statement, which was followed by "Mawazine News", indicating that the organization will not take other measures to increase supply.
She added, "The global benchmark Brent crude price averaged $98 a barrel in the first quarter, an increase of about $18 over the last three months of 2021," noting that "the rise in oil prices, especially in March this year, is mainly due to tension." The escalating geopolitics in Eastern Europe, and fears that this will lead to a significant shortage of oil supplies amid trade turmoil.
OPEC, which took part in last year's committee meeting, is resisting calls from the United States and the European Union to pump more oil to cool prices that hit a 14-year peak above $139 last month after Washington and Brussels imposed sanctions on Moscow after its invasion of Ukraine.
And OPEC +, which consists of OPEC and other producers, including Russia, will raise production by 432,000 barrels per day in May, as part of the gradual retreat from production cuts decided by the gathering in the worst periods of the Corona pandemic.
The Organization of the Petroleum Exporting Countries said, "OPEC+ has demonstrated a commitment to ensuring that the fundamentals of oil supply and demand are balanced in the Ukraine crisis to support the global economy."
OPEC also highlighted the short-term negative impact of the Ukraine crisis and the ongoing pandemic, adding that “the strong rise in commodity prices, along with ongoing bottlenecks in supply chains and logistical constraints due to Corona, are all factors, fueling already high global inflation.” End 29 / p. 87
"The reason for the rise in oil prices, to a large extent, is the Russian-Ukrainian crisis," the organization said in a statement, which was followed by "Mawazine News", indicating that the organization will not take other measures to increase supply.
She added, "The global benchmark Brent crude price averaged $98 a barrel in the first quarter, an increase of about $18 over the last three months of 2021," noting that "the rise in oil prices, especially in March this year, is mainly due to tension." The escalating geopolitics in Eastern Europe, and fears that this will lead to a significant shortage of oil supplies amid trade turmoil.
OPEC, which took part in last year's committee meeting, is resisting calls from the United States and the European Union to pump more oil to cool prices that hit a 14-year peak above $139 last month after Washington and Brussels imposed sanctions on Moscow after its invasion of Ukraine.
And OPEC +, which consists of OPEC and other producers, including Russia, will raise production by 432,000 barrels per day in May, as part of the gradual retreat from production cuts decided by the gathering in the worst periods of the Corona pandemic.
The Organization of the Petroleum Exporting Countries said, "OPEC+ has demonstrated a commitment to ensuring that the fundamentals of oil supply and demand are balanced in the Ukraine crisis to support the global economy."
OPEC also highlighted the short-term negative impact of the Ukraine crisis and the ongoing pandemic, adding that “the strong rise in commodity prices, along with ongoing bottlenecks in supply chains and logistical constraints due to Corona, are all factors, fueling already high global inflation.” End 29 / p. 87
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