The kingdom and its allies in Opec-plus are refusing to significantly increase oil production.
(Photo: Thomas J. Abercrombie)
Zurich The alliance of oil exporters Opec plus has agreed on a minimal increase in oil production: As the alliance decided on Wednesday, the 23 Opec plus members want to increase their production by a total of 100,000 barrels per day. This is the smallest increase in the production rate that OPEC plus has ever decided.
Ehsan Khoman, commodities expert at the investment bank MUFG, says: “That’s nothing more than a rounding error.” The deal will not have a major impact on the market and will not be able to help ease the supply situation. The price of oil rose slightly by around one percent in response to the decision. European Brent oil was trading at just under $103 a barrel (around 159 liters) on Wednesday afternoon.
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