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Oil: from OPEC + only a slight increase in production, prices accelerate to the upside

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Oil: from OPEC + only a slight increase in production, prices accelerate to the upside
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05/05/2022 13:45


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OPEC +, the expanded cartel of oil-producing countries, decided at today’s meeting for another small increase in crude oil production starting in June.

The influential energy alliance of OPEC and non-OPEC partners has decided to increase production targets by 432,000 barrels per day for next month, sticking to the strategy of only gradually easing record supply cuts.

The meeting comes in the midst of an ongoing supply crisis. Yesterday, the European Union announced its intention to ban imports of Russian oil within six months and refined products by the end of the year in its latest round of economic sanctions.

In the wake of the news, oil prices accelerated to the upside. The WTI crude oil futures jumped 2.7% to $ 110.72, while the Brent crude futures jumped nearly 3% to $ 113.4 a barrel.

The next OPEC + meeting will be held on 2 June.

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