OPEC + countries agreed on Wednesday to continue unchanged their plan to gradually increase production, rejecting calls from the United States and other major countries for more output to tackle the price rally that followed Russia’s invasion. in Ukraine.
Oil topped $ 110 a barrel this week, climbing to an eight-year high.
OPEC + boosts its production by 400,000 barrels per day each month since last August, as part of its combined supply return to pre-pandemic levels. The same increase will be applied for April.
The Agency was forced to reduce its production during the global recession due to the coronavirus, in order to support prices.
The recent price rally has led the US and other major countries to step up their pressure for a bigger increase from the Organization.
Source: Capital
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