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The thirteen members of OPEC+, the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and their ten partners, including Russia, met this Wednesday by videoconference. And even if since the invasion of Ukraine oil prices have climbed to unprecedented levels, they have not opened the floodgates much more.
Minimum service for OPEC+ member countries. Even though the Russian invasion of Ukraine has caused the price of oil to soar in recent days, to levels not seen since 2014, there is no question of increasing world production too much.
The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries, OPEC, and their 10 partners, have agreed to adjust their production level upwards: from 400,000 barrels per day, for the month of April next. As is the case finally every month since last year. In other words, they hardly move.
The Russians at the negotiating table
And in reality, it is quite logical because Russia, the world’s second largest exporter of crude oil, is part of OPEC+. OPEC is not used to making decisions in a hurry, and the presence of the Russians at the negotiating table left little chance of it changing its habits.
After the discussions which lasted less than an hour, a source close to the group even assures us: not a word was said on the Ukraine file.
Meanwhile, following the summit, a barrel of Brent continued to rise and traded at 113 dollars, up 8%.
►Also read: OPEC + meeting: how high can oil go?
