Thread: Economic sanctions

Originally Posted by bsnub

Nothing to see here...

Except your video's title - wrong again.

29th OPEC and non-OPEC Ministerial Meeting

No 12/2022
Vienna, Austria
02 Jun 2022

'The 29th OPEC and non-OPEC Ministerial Meeting was held via videoconference on 2 June 2022. The Meeting noted the most recent reopening from lockdowns in major global economic centers. It further noted that global refinery intake is expected to increase after seasonal maintenance. The Meeting highlighted the importance of stable and balanced markets for both crude oil and refined products.

"Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of July 2022.

Advance the planned overall production adjustment for the month of September and redistribute equally the 0.432 mb/d production increase over the months of July and August 2022. Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule."

OPEC : 29th OPEC and non-OPEC Ministerial Meeting



2 Jun, 2022 16:39 HomeBusiness News

OPEC+ to boost oil production

The group has agreed to open the taps to cool rising energy prices

"The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to increase oil production to offset Russian output losses and ease soaring prices.
According to a press release published on its website, the group will hike output by 648,000 barrels per day (bpd), or 0.7% of global demand, over the months of July and August.
The initial plan said the group would add 432,000 barrels per day every month until the end of September.

The move will likely be seen as a sign of willingness by Saudi Arabia and other OPEC Gulf nations to pump more after months of pressure from the West to address global energy shortages worsened by sanctions on Russia.

According to industry estimates, the growing economic pressure could reduce production from Russia, the world’s second largest oil exporter, by as much as 2 million to 3 million bpd. The country was already producing below its OPEC+ target of 10.44 million bpd in April, with output running at around 9.3 million bpd.

Reuters analysts say the real production boost will be insignificant, as most OPEC members except for Saudi Arabia and the United Arab Emirates were already pumping at capacity.

Oil prices rose despite the output hike decision, with benchmark Brent trading at $118 a barrel and the US WTI headed towards $117 at 16:00 GMT. Earlier this year, crude soared to the highest price since 2008, hitting $147 per barrel."

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