Organization of oil exporters, Russia and other oil producers refused to obey the requirements of American president Joe Bayden to accelerate the increase in oil production and intend to maintain a course that provides “stability and balance in the oil market”. This is reported to the New York Times newspaper.
at a monthly meeting of OPEC +, consisting of 23 oil-producing countries led by Saudi Arabia and Russia, countries decided to adhere to the current plan to increase oil production by 400 barrels per day.
Representatives of the cartel stressed that the management of the oil market is carried out by careful coordination of oil production volumes with growing demand, and the manufacturing countries are responsible keepers of this market, which are followed by the proposal of supply – demand.
In addition, the participants of OPEC + advised to pay attention to other energy markets – in particular, the gas market, which in recent months has shown an unprecedented jump of prices for blue fuel and “extreme volatility and instability.”
At the beginning of the week, US President Joe Biden accused Russia and Member States of the Organization of Oil Exporting Countries (OPEC) in a sharp increase in oil prices. He stated that, in his opinion, the jump in the hydrocarbon prices was the consequence of the refusal of OPEC countries and, in particular, Russia from the additional production of oil, and urged countries to increase fuel supplies.