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Opep+ Will Increase ‘Symbolic’ Oil Production
9 Articles
9 Articles
But these barrels are never coming to the market.
Eight OPEP+ countries announced today an increase in production in 206 thousand barrels per day, adding that the total repair of damaged energy infrastructure will "be very slow", without referring to Iran.
Eight OPEC+ members at a virtual meeting on Sunday agreed to increase oil production quotas by 206,000 barrels per day from May 2026 onwards. However, analysts have already called this decision "academic" because it will have no effect on the fuel market and will not stop the magic of the consequences of the largest oil crisis in history, reported Reuters with reference to the organization's official statement. The Strait of Hormuz, which has be…
VIENNA - The eight members of the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, have agreed to raise oil production quotas by 206,000 barrels per day from May, the group said in a statement on Tuesday. But the increase is likely to remain largely on paper as key members of the group are unable to increase output due to the US-Israeli war against Iran, Reuters reported.
The European Union consumes around 10.5 million barrels of oil per day.
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