OPEC+ is likely to stick with its plan for modest oil production increases on Thursday, arguing that the producer group cannot be blamed for disruptions in global supplies and saying that China’s coronavirus lockdowns threaten demand prospects. .
Five OPEC+ delegates said the group must agree to increase its June production target by 432,000 barrels a day, following its existing plan to ease oil production restrictions put in place during the worst of the Covid-19 pandemic in 2020.
The Organization of Petroleum Exporting Countries and allies (OPEC+), including Russia, hold formal ministerial talks at 8:30 am (Brasília time).
The meeting comes against a backdrop of rising oil prices, which hit their highest level since 2008 at more than $139 a barrel in March, after Russia’s invasion of Ukraine exacerbated supply concerns that were already fueling a surge in oil prices. prices.
“I don’t think a new decision will be made,” said one of the delegates. Another said it was “highly expected” that the meeting would be short and stick to plan.
Source: CNN Brasil
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