March 31, 2022: The OPEC group of oil-producing countries and its Russian-led allies agreed on another modest increase in oil production on Thursday, ignoring Western pressure to significantly increase production as the conflict in Ukraine has rocked prices to rock.
The 13 members of the Organization of Petroleum Exporting Countries led by Saudi Arabia and 10 countries led by Russia supported an increase of 432,000 barrels per day in May, slightly more than in previous months.
The group said in a statement after a ministerial meeting that “ongoing oil market fundamentals and consensus on the outlook pointed to a balanced market”.
It added that “current volatility is not driven by fundamentals, but by ongoing geopolitical developments.”
The United States has been urging OPEC+, as the alliance is known for, to ramp up production as high energy prices have contributed to soaring inflation around the world, severely hampering the recovery from the Covid pandemic. threatened to derail.
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