The oil cartel known as OPEC Plus said it would continue the strategy agreed to in July, rubber-stamping a 400,000-barrel-a-day production increase for April.
https://www.nytimes.com/2022/03/02/business/oil-prices-opec.html
With the price of a barrel of oil soaring, the group of oil producers known as OPEC Plus declined to take steps to cool the market at its monthly meeting on Wednesday.
In a statement that had surreal qualities given the surging prices in recent weeks, the group, which includes Russia, said current fundamentals and the outlook for the future pointed “to a well-balanced market.” It blamed “volatility” on “geopolitical developments” — in other words, Russia’s onslaught in Ukraine.
Some analysts were not impressed. “Such an argument will increasingly strain credulity,” Helima Croft, an analyst at RBC Capital Markets, an investment bank, wrote in a note to clients. Left unmentioned in the statement was the fact that Russia’s deputy prime minister, Alexander Novak, is a co-chair of OPEC Plus.
The cartel said it would continue a strategy agreed to in July, rubber-stamping a modest 400,000-barrel-a-day production increase for April. Analysts widely consider an increase of this size insufficient to cool down prices. In addition, many OPEC Plus countries have been producing substantially less oil than the group’s targets.
snip
= new reply since forum marked as read
?