The Daily Times Newspaper

Opec+ Does Not Accelerate Oil Production Increase

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The Saudi-Russian-dominated oil alliance Opec+ is sticking to its tentative production increases, despite record oil prices from the war in Ukraine.

 

In April, the 23 countries will increase the volume of oil pumped by 400,000 barrels per day as planned, they confirmed on Wednesday.

Oil prices peaked on Wednesday above $110 per barrel for North Sea Brent and American WTI oil. Those are the highest levels in several years.

The price increases result from the Russian invasion of Ukraine and its possible consequences for the supply of oil. For example, large countries could decide to sanction the import of Russian oil, or Russia could turn off the tap.

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