(ANSA) – ROME, MARCH 31 – OPEC +, which also includes Russia, confirms the strategy of gradual and modest increases in crude oil production despite the strong pressure on prices triggered by the invasion of Russia in Ukraine. OPEC and its allies have agreed to increase oil production for the month of May by only 432,000 barrels per day, thus sticking to the plan already established months ago in view of the post-Covid recovery. The next meeting is scheduled for May 5th.
The request from the United States and Europe for a more substantial increase in output to ease the turbulence on the oil market was therefore ignored. For the Organization of the major producers, the tension is not due to fundamentals but to geopolitical problems and therefore it was decided not to change course and for the month of May and to increase production from 400 thousand barrels to only 432 thousand barrels per day. For some analysts and operators, the decision would also have affected the possibility that the Biden administration is considering unlocking about one million barrels of oil a day from US strategic reserves. (HANDLE).
Source: Ansa
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