Home » Business » OPEC+ breaks expectations, “no production increase next month”… Nearly $65 WTI (complementary)

OPEC+ breaks expectations, “no production increase next month”… Nearly $65 WTI (complementary)


(Photo = provided by AFP)

[뉴욕=이데일리 김정남 특파원] The Organization of Petroleum Exporting Countries (OPEC+), a consultative for major oil producing countries, has decided not to increase production for the time being. Saudi Arabia decided to maintain a voluntary cut in production. As a result, international oil prices are soaring.

According to Bloomberg and others on the 4th (local time), OPEC+ said, “We have agreed to continue the production level of this month to the next month” through a meeting of the Ministers of Petroleum, which was held on video on the same day. Only Russia and Kazakhstan will allow an adequate level of production next month, and the rest of the member states will continue to the current level. Considering the fact that there were many prospects for production increase, this is an unusual decision.

Saudi Arabia, the largest oil producer, has decided to maintain production cuts of 1 million barrels per day until next month. Saudi energy minister Abdul Aziz bin Salman said, “We will not be in a hurry to stop production cuts.” OPEC+ held a meeting again on the 1st of next month and decided to increase production afterwards.

International oil prices are skyrocketing as the supply of crude oil has not increased. Western Texas crude oil (WTI) for April delivery on the New York Commercial Exchange rose to $64.86 per barrel during intraday. It is an increase rate of over 5%.

Bloomberg said, “With the bond market tense about inflation, OPEC+’s decision could cause concerns for the Federal Reserve System (Fed) and the European Central Bank (ECB).”

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