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 share on Facebook (Opens in new window)
- Click to share on X (Opens in new window)
- 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 email a link to a friend (Opens in new window)
- Click to share on Mastodon (Opens in new window)
- Click to share on Nextdoor (Opens in new window)
- More
Related
More Stories
Fiscal Ambition
Africa's top oil producer Nigeria sets an ambitious fiscal target as its foreign reserves continues to dwindle buys 24 Italian...
US Wanted a Backdoor
Russian born IT guru Pavel Durov tells Tucker Carlson that the US wanted a backdoor to his Telegram app so much...
Conscription Rules
Media reports say that Ukrainian troops betrayed by new conscription rules that keeps them in the military till the conflict...
Shipping Deal
China and Russia reach shipping deal with Yemeni Houthis which exempts their vessels from missile strikes Israel confirms the Iranian...
Caught Gaslighting
Legacy media and the Biden campaign caught gaslighting after it reported that former US President Donald Trump allegedly said a...
Vampire Ball
Russian President Vladimir Putin in TV interview says the 500 years of the Western elite vampire ball is over as...
Average Rating