The Organization of the Petroleum Exporting Countries (OPEC) does not step in for possible oil shortages in connection with the Ukraine war.
Despite high oil prices, the cartel and its partner countries including Russia (OPEC plus) decided on Thursday to only moderately increase oil production as planned.
As in May, 432,000 barrels (159 liters) more are to be produced per day in June.
This is the program planned for the period of recovery from the pandemic.
The 13 oil countries had severely curtailed production in the first corona year of 2020 because prices had collapsed due to a lack of demand.
In 2021, OPEC plus then decided to slowly expand production again - the decision will be reviewed monthly.
Christian Siedenbiedel
Editor in Business.
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The announcement of the planned oil embargo by the European Union had already caused the oil price to rise on Wednesday;
this continued after the OPEC decision.
At times, the price of North Sea Brent reached $112 a barrel, while that of the American West Texas Intermediate (WTI) rose to more than $110.
Oil was last this expensive in March in response to Russia's attack on Ukraine.
OPEC and its Russian-led allies appear to be standing shoulder to shoulder despite the war.
The Saudi Crown Prince Muhammad bin Salman Al Saud had declared that he wanted to maintain the partnership with Russia despite the war of aggression against Ukraine.
OPEC now mostly doesn't address the war directly, instead using terms like "geopolitical tensions in Eastern Europe."
The organization apparently does not want to upset Russia, said Giovanni Staunovo, an oil analyst at UBS.
After Russia increased its exports in April instead of reducing them, the merger has no interest in officially increasing production targets to offset sanctions.
Representatives of the American government have repeatedly asked Saudi Arabia in particular to increase oil production in order to curb inflation somewhat;