
OPEC+ Agree to Modest Hike
Nigeria and Angola unable to increase oil production
The OPEC+ group including top producers Saudi Arabia and Russia have resisted US pressure to increase oil output to mitigate the high energy costs stoking inflation round the world.
Instead, on Tuesday after a Zoom meeting the Organisation of Petroleum Exporting Countries (OPEC) 13 members and 10 associate members agreed to a modest hike in supply by 400,000 barrels per day. This makes no difference from previous months supply.
The rapidly spreading Omicron variant has yet to hit oil demand. The OPEC+ nations had slashed production in 2020 due to lockdown economies crippling the price of oil as there was no demand.
In December the White House mindful of the midterm elections thanked OPEC+ for the modest hike in supply. This did not bring down the price and makes Joe Biden nervous as Omicron, inflation and high gas prices continues to grip the US.
OPEC analysts have assured OPEC+ members that high oil prices will be the trend for 2022. The next supply hike meeting is scheduled on February 2.
At the close of trading on Wednesday the price of crude oil had topped $80.
Source Reuters
About Post Author
felastory
Share this:
- Click to print (Opens in new window)
- Click to share on LinkedIn (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Tumblr (Opens in new window)
- Click to share on Pinterest (Opens in new window)
- Click to share on Pocket (Opens in new window)
- Click to share on Telegram (Opens in new window)
- Click to share on WhatsApp (Opens in new window)
- Click to share on Skype (Opens in new window)
- Click to email this to a friend (Opens in new window)
More Stories
Dark Charity
31 crushed to death at a soup kitchen event in Nigeria The global food crisis brought on by western sanctions...
Apache Skies
Former President Donald Trump calls for more guns to confront evil Blasts $40 billion military aid to Ukraine Former President...
Nigerian US Monkeypox Programme
Russia calls on World Health Organisation to investigate US bio labs in Nigeria Russian Armed Forces Chief of Radiation,Chemical and...
Containing China
US unveils its China policy after 17 months The 2020s is a decisive decade The United States has finally unveiled...
The Uvalde Conspiracies
Latest mass shooting in America spawns conspiracy theories On May 24, 2022 an 18 year old Hispanic American called Salvador...
Russian Passports
Russia approves citizenship for 2 Ukrainian regions President Vladimir Putin of Russia signed a decree allowing residents of the Zaporozhye...
Average Rating