The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia – known as OPEC + – insist on a modest increase in oil production, despite high oil prices.
The increase in oil production by 400,000 barrels per day May remains the main choice for the OPEC + ministerial conference on March 31, a source in one of the delegations told TASS.
“The plan is the same from now on, plus 400,000 barrels a day in May,” the source said.
The meeting of the joint ministerial committee for the monitoring of OPEC + is scheduled for March 31 and the conference of the ministers of OPEC + will start at 15.00 pm. Moscow time on the same day.
The world oil prices fall more than 5% on Monday, after the partial lockdown imposed by China in Shanghai, a major economic and manufacturing hub and the so-called financial capital of China.
The lockdown, which began Monday, is the largest in China since the coronavirus epidemic began more than two years ago.
At 4.12 Greek time, the WTI barrel fell to $ 107.6 while that of the Brent North Sea, delivered in May, fell to $ 114.3.
The Shanghai Composite stock index fell at the beginning of trading before recovering most of the losses later in the day. Despite the fall, oil price remains almost 80% higher than a year ago due to the war in Ukraine.
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