Baghdad The 23 countries belonging to the “OPEC +” alliance led by Saudi Arabia and Russia announced today, Wednesday, a new slight increase in production, despite the rise in crude prices and geopolitical tensions shaking the markets.
Those countries confirmed in a statement that they would increase their production by 400,000 barrels per day, in March, the same amount as in previous months.
The group, which includes 13 members of the Organization of Petroleum Exporting Countries (OPEC), and its ten allies, within the “OPEC +” agreement, has resisted US pressure to increase production with the aim of reducing prices.
The group’s cautious approach dates back to the spring of 2021, with demand recovering after massive production cuts under Covid-19.
Wednesday’s announcement was not surprising given that the group has strictly followed this approach since it was originally agreed, and even in December, when oil prices plummeted in the wake of the Omicron outbreak.
In January, oil prices reached their highest levels in 7 years, Brent oil recorded $90, and oil prices fluctuated below $90.
Source: National Iraqi News Agency