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OPEC Plus meets amid production struggles and US pressure for more oil
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Economy News-Baghdad
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Economy News-Baghdad
OPEC+ meets on Wednesday amid market expectations of a steady or slight increase in oil production as most of its members are already pumping close to capacity and cannot heed US calls for increased production to help tackle high prices . .
The United States has put OPEC leaders Saudi Arabia and its ally, the United Arab Emirates, under pressure to pump more oil to help confront Russia over its invasion of Ukraine .
US and Western sanctions on Russia have sent prices of all kinds of energy soaring, driving inflation to its highest levels in several decades and central banks raising interest rates sharply . According to Reuters.
OPEC has been increasing production in line with its targets by about 430,000-650,000 barrels per day per month in recent months, and has refused to switch to faster production increases .
The group's sources indicated a lack of spare capacity among members to add more barrels as well as the need for more cooperation with Russia as part of the broader OPEC+ group .
By September, OPEC+ had canceled all of the record production cuts it had implemented in 2020 to deal with the collapse in demand caused by the coronavirus pandemic .
In June, OPEC+ produced nearly 3 million barrels per day of crude less than its quotas expected, as sanctions against some members and reduced investment by others crippled its ability to calm the world's energy crisis. Read more
Only Saudi Arabia and the United Arab Emirates are believed to have some spare capacity left to increase production .
French President Emmanuel Macron said he had been told that Saudi Arabia and the UAE had very limited ability to increase oil production.
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