Opec-plus remains when production quotas are raised – oil prices rise

Zurich It was a handshake that sent a signal: US President Joe Biden received the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, in the White House at the beginning of the week. According to Biden, the Gulf state should become one of the most important partners of the USA outside of NATO – and help the West through the energy crisis with deliveries of liquid gas.

The fact that Biden is courting the renegade ex-Opec state of Qatar clearly shows that the US President does not expect any support from the alliance of oil exporters “Opec plus” in the fight against high oil and gas prices. The alliance between Saudi Arabia and Russia confirmed this impression on Wednesday: At a virtual summit meeting, OPEC plus decided not to open the oil tap any further than previously planned: the daily production volume will be increased by 400,000 barrels. The oil markets will therefore continue to be kept artificially tight.