The OPEC + alliance is likely to stick to plans for a modest increase in its oil production target at its meeting today, according to alliance sources, despite pressure from top consumers for more supply after crude prices rose to a seven-year high. .
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, a group known as OPEC +, which produces more than 40% of the world’s oil supply, have received requests from the US, India and other countries for more oil as economies recover from the pandemic.
However, OPEC + has insisted on monthly increases of 400,000 barrels per day and believes that rising prices are due to the failure of consumer countries to ensure adequate investment in fossil fuels as they turn to greener energy.
However, many OPEC members find it difficult to achieve even these monthly production increases.
Three sources from the OPEC + alliance told Reuters today that the plan to increase the target by 400,000 barrels per day for March is unlikely to change when the full-fledged group meets online later today.
“No more than 400,000 barrels a day,” said one source, when asked if the OPEC + group could discuss a higher quantity.
Brent crude was hovering above $ 89 a barrel today and hit a seven-year high of $ 91.70 last week amid tensions in Europe and the Middle East.
See all the news
Follow Skai.gr on Google News
and be the first to know all the news
Skai
