OPEC+ agrees bigger output boost amid Russian isolation

OPEC+ agrees bigger output boost amid Russian isolation

VIENNA: Major oil producers led by Saudi Arabia and Russia agreed on Thursday to open the taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports. Analysts had foreseen OPEC+ producers sticking to their policy of modest output increases, as they have done since May 2021.

However, pressure has been rising for the 23-strong group to boost output further to try to stabilize prices, which have hit record highs since Russia invaded Ukraine, drawing heavy Western sanctions. OPEC+ has decided to add 648,000 barrels per day to the market in July, up from 432,000 in previous months, it announced after monthly videoconference meetings that lasted about an hour. “The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products,” the cartel said in a statement.

Kuwait Deputy Prime Minister, Minister of Oil and Minister of State for Cabinet Affairs Mohammad Al-Fares said the decision to increase oil production will contribute to stabilizing the oil market. This came in a statement by Fares issued by the oil ministry after the minister’s participation in the 19th OPEC and non-OPEC ministerial meeting. The minister said OPEC+ is closely following