OPEC gives in to American pressure, all the details
What OPEC decided on oil. The article by Giuseppe Gagliano
OPEC + has taken a decision regardless of American and European pressure: that is, it has decided to increase its production targets by 432,000 barrels per day starting from 1 May, an increase compared to the previous months.
THE PRICE OF OIL
This means that the modest increase hoped for at the international level has not actually occurred and this has led to an increase in oil prices.
THE PLAN OF THE UNITED STATES
How critical the situation is is shown by the fact that the United States is seriously considering the need to put in place a plan to curb the surge in oil prices by producing 180 million barrels that will have to be taken from the national strategic reserve as clearly spelled out by the White House on March 31st. This choice is certainly not new from the United States as it is the third time that the United States has served us its oil reserves in the space of six months.
WHAT OPEC SAYS ABOUT RUSSIA
Following a choice aimed at safeguarding the overall interests of oil production and the market, it is significant that the Minister of Energy of the United Arab Emirates (UAE), Suhail Al Mazrouei – regardless of the dramatic event involving Russia and the Ukraine – did not question Russia's presence within OPEC. Let's not forget that Russia, together with the United States and Saudi Arabia, is one of the three largest oil producers in the world.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/opec-produzione-petrolio-432-mila-barili/ on Sun, 03 Apr 2022 06:35:35 +0000.