No more oil is available, Mr. President – OPEC+ – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

No more oil is available, Mr. President – OPEC+ – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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THE message sent by 23 members of OPEC+ in anticipation of the expected visit of the US President to the Gulf region this month is very clear. It affirms that there is neither any extra volume of oil available nor any ability to increase the oil production. We also cannot displease our strongest ally outside OPEC, which is Russia. It was our ally who helped in stabilizing the oil prices, with regular consultations that resulted in keeping the world supply intact, even if we had the volume, but luckily we all don’t have it. Despite its scheduled monthly increase of 650,000 barrels last month and next, in reality the overall outcome is less volume and not more.

The overall reduction or lack of supply amounts to more than three million in May of its total 42 million barrels of production. Nigeria and Angola are unable to meet their production targets and its future levels constantly along with other members. The US administration is to be blamed for frightening and warning against oil and gas investments and favoring greener energy.