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Major oil-producing countries maintain their original plan to increase production

 Last Update: 2022-04-24
 Source: Internet
 Author: User

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On March 2, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries held the 26th ministerial meeting by video, and decided to maintain the original production increase plan in April this year
.

According to the statement issued by OPEC, the participating oil-producing countries reconfirmed the production adjustment plan and monthly production adjustment mechanism approved by the 19th ministerial meeting, and decided to increase the monthly total production in April by an average of 400,000 barrels per day according to the original schedule.

OPEC said in a statement that the participating oil-producing countries believe that the current fluctuations in the crude oil market stem from changes in the geopolitical situation, rather than changes in market fundamentals; the current fundamentals of the crude oil market and the consensus on the future direction show that market supply and demand are balanced
.

Affected by the recent geopolitical conflict, international oil prices rose above $100 a barrel
.

Before the 26th ministerial meeting of major oil-producing countries, some market participants had expected the participating countries to further expand production to curb the rapid rise in oil prices

In April 2020, due to the impact of the new crown pneumonia epidemic on oil demand, OPEC and non-OPEC oil-producing countries reached an agreement to reduce production
.

In April 2021, major oil-producing countries decided to gradually increase oil production starting in May of that year

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