OPEC and oil-producing countries such as Russia Next month production volume will increase slightly as before

Major oil-producing countries, including Russia, have decided to increase production next month by a small amount as before.

Crude oil futures prices have skyrocketed following Russia's military invasion of Ukraine, but we have forgotten any additional production increases.

OPEC, led by Saudi Arabia, and major oil-producing countries such as Russia met online on the 2nd to discuss next month's crude oil production.

As a result, we have decided to continue our previous plan of increasing production by 400,000 barrels per day each month.

Crude oil futures prices have skyrocketed following Russia's military invasion of Ukraine, and consuming countries have called for a significant increase in production, but this time too, we have forgotten to increase production.

A statement issued after the meeting stated that "the widening fluctuations in crude oil prices are due to geopolitical factors, not the imbalance between supply and demand of crude oil."

As the United States and European countries have imposed strict economic sanctions to keep some Russian financial institutions out of the international payment network, there is growing concern that Russia's supply of crude oil will be disrupted in the market.

On the 1st, the members of the IEA (International Energy Agency) agreed to cooperate to release 60 million barrels of oil reserves, but the rise in crude oil prices has not stopped, and prices will remain high for the time being. There is a possibility.

Consideration for Russia, an oil-producing country in the Middle East and the Gulf

Oil-producing countries in the Middle East and the Gulf have shown their willingness to continue to cooperate with Russia in the framework of coordinated production cuts even as Russia deepens its international isolation due to the invasion of Ukraine.

OPEC, which is a member of Gulf oil-producing countries, has established a framework called "OPEC Plus" with Russia and other countries, and maintains its influence in the global crude oil market by supporting crude oil prices by adjusting production volume. increase.

Among the conspicuous movements to avoid direct criticism in the Gulf oil-producing countries, the UAE = United Arab Emirates called on Russia to immediately withdraw from Ukraine on the 25th of last month. With China and India, I withdrew from the resolution of the Council resolution.

Regarding this decision, Gargash, a diplomatic adviser, commented that "being on either side would only cause more violence," and emphasized that he was in a neutral position.

On the 1st, the de facto leader, Crown Prince Muhammad of the Emirate of Abu Dhabi, had a telephone conversation with Russian President Vladimir Putin and confirmed the cooperation based on OPEC Plus, the state news agency reports.

Saudi Arabia, which leads OPEC Plus with Russia, also confirmed at a cabinet meeting held by King Salman on the 1st that it will work on the stability and equilibrium of the crude oil market under OPEC Plus, the state news agency reports.

Gulf oil-producing countries are likely to aim to maintain their influence in the international oil market by continuing to maintain cooperation with Russia.

NY Crude Oil Market Temporarily reached a high level for the first time in 10 years and 10 months

In the New York crude oil market, crude oil prices have continued to rise due to Russia's military invasion of Ukraine, and the WTI futures price, which is an international indicator, temporarily hit the mid- $ 112 range per barrel in the transaction on the 2nd. rice field.

This is the highest level in 10 years and 10 months since May 2011.

Behind the scenes, major oil-producing countries, including Russia, have decided to increase production next month by a small amount as before, and have forgotten an additional increase in production, raising concerns about a shortage of crude oil supply.

It is also affected by severe economic sanctions on Russia and the fact that major Western oil companies have announced that they will withdraw from the Russian business one after another.

Market officials said, "Economic sanctions are making it more realistic that the supply of crude oil from Russia will be stagnant," and soaring energy prices will accelerate prices as inflation weighs on the global economy. There is growing concern about this.