The countries of the Organization of Petroleum Exporting Countries and their partners within the framework of “OPEC +” have maintained their strategy of a cautious increase in oil production, indifferent to the European Union’s plans to impose an embargo on Russian oil.
Representatives of the thirteen member states of the Organization of Petroleum Exporting Countries (OPEC) and its ten partners (OPEC +) announced that they had agreed to “increase the total monthly production by 432,000 barrels per day for the month of June.”
The “OPEC +” alliance alluded to the situation in China, and said that the modest increase, to some extent, is due to the continuing repercussions of the Corona pandemic there.
This means that the EU cannot at present rely on members of the OPEC to make up for any shortfall in Russian oil supplies.
The resolution confirms that the alliance continues to show unity in positions, despite the war in Ukraine, and is not subject to demands to adopt a greater increase in production.
The “OPEC +” alliance is scheduled to hold its next meeting on the production strategy on the second of next June.