The main oil exporting countries, led by Saudi Arabia and Russia, decided on Thursday (2) to increase crude oil production more than expected to contain the rise in prices registered since the beginning of the Ukrainian War. Russian production has fallen by about a million bdp (barrels per day) because of Western sanctions.
Representatives of the thirteen members of OPEC (Organization of Petroleum Exporting Countries) and its ten partners (OPEC+) agreed that July production will be adjusted to more than 648,000 barrels per day, compared to 432,000 barrels set in previous months. . The alliance made the announcement via a statement, emphasizing the importance of stable and balanced markets.
The move could ease pressure on global inflation and pave the way for a visit to Riyadh by US President Joe Biden.
Oil prices fell on Thursday. Brent was down US$2.82 (R$ 13.4), or 2.4%, to US$ 113.47 (R$ 541.92) a barrel at 7:35 am (Brasilia time), while WTI (West Texas Intermediate) dropped $2.81, or 2.4%, to $112.45 a barrel.
US diplomats have been working for weeks to organize President Joe Biden’s first visit to Riyadh after two years of strained relations over disagreements over human rights, the war in Yemen and the US arms supply.
A source familiar with the matter said Washington wanted clarity on Saudi Arabia’s and UAE’s oil production plans ahead of a possible visit to Biden for a summit with Gulf Arab leaders in Riyadh.
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