Business & Economy

OPEC+ to raise fall oil output by 100,000 bpd

Vienna, Aug 3 (EFE).- The oil alliance OPEC+ agreed Wednesday to slightly increase its daily output by 100,000 barrels in September, despite calls from the United States and the European Union to counter rising fuel prices by increasing production.

The “severely limited availability” of the capacity to pump more crude in a short period of time “necessitates utilizing it with great caution in response to severe supply disruptions,” the coalition dominated by Saudi Arabia and Russia said in a statement after their monthly online meeting.

After noting “the dynamic and rapidly evolving oil market fundamentals,” the alliance decided to “adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for the month of September 2022.”

This tiny increase in production, the smallest in OPEC’s 62-year history, comes in response to growing pressure from the US and the EU to further open the taps in order to lower energy prices and curb inflation.

Wednesday’s meeting was the first since US President Joe Biden paid a visit to Saudi Arabia in mid-July to personally request additional barrels. EFE


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