Oil: despite Western pressure, OPEC+ countries do not open the floodgates

Representatives of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) and their ten allies (OPEC+) have agreed to adjust the total monthly production upwards by 432,000 barrels per day for the month of May.

AFP/File

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Unsurprisingly, OPEC+ ministers and their Russian-led allies are keeping their oil production almost unchanged.

Despite the context of soaring prices and Western pressure to increase production, the alliance dominated by Russia and Saudi Arabia forecasts production of 432,000 barrels / day from next May.

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Most analysts expected the organization not to significantly increase production to relieve markets.

432,000 additional barrels a day instead of the usual 400,000.

This is far from enough to meet the demand.

Saudi Arabia and Russia, which dominate OPEC+, are holding back with four irons in the face of calls from Western countries which are suffering from soaring prices. 

Russia, subject to Western sanctions, for obvious reasons, finds its account in a barrel which, despite the recent drop in recent days, continues to reach the tops.

Saudi Arabia, which does not see Chinese demand pick up due to new confinement, is not encouraged to open the floodgates.

See you on May 5 for the next OPEC+ meeting.

In the meantime, the United States, the world's largest producer, could take the lead this Thursday, March 31 and draw on its strategic reserves in order to curb the blaze of prices, as the American press echoes. 

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