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Oil: Opec and its allies raise production to a minimum

04/08/2022
Categories: Raw materials

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Oil-exporting countries and their allies responded to US President Joe Biden's request with minimal effort. They agreed on a very small increase in production, by an additional 100,000 barrels per day.

The countries of the Organization of Petroleum Exporting Countries and their ten allies are trying to keep prices at high levels despite calls to Supplying more oil to the market and making diplomatic efforts, the energy ministers of the thirteen OPEC countries and their ten allies agreed, on Wednesday, on a minimum increase in black gold production: it will be only 100,000 barrels per day in September, the lowest increase since 1986. In June and July, the 23 countries committed to increasing production by 432,000 and then 648,000 additional barrels. They had thus returned to the production rate before the Covid pandemic.

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