The oil cartel Opec is sticking to its production policy.
(Photo: Bloomberg)
Zurich The alliance of oil exporters Opec plus has ignored calls for higher oil production. At a virtual summit on Thursday, the energy ministers of the 23 OPEC plus members around Saudi Arabia and Russia decided to increase oil production by 400,000 barrels per day, as announced by OPEC. This corresponds to around 0.4 percent of global oil production.
An increase in supply by 600,000 or 800,000 barrels per day was not an issue, it said. As a result, oil prices rose by around 2.5 percent. The price for European Brent oil was around 83 dollars per barrel (around 159 liters). Within twelve months, oil in Europe has risen by almost 100 percent.
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