Opec+ sticks to funding strategy – and increases production slightly

Vienna Unfazed by the plans for an EU embargo on Russian oil, the Opec plus alliance is sticking to its strategy of only cautiously expanding production. The group, which is dominated by Saudi Arabia and Russia, says it wants to extract an additional 432,000 barrels (159 liters each) a day from Thursday in June.

This rather moderate step is necessary because the problems with the pandemic persisted, the cartel alluded to the situation in China. This means that the EU cannot initially expect OPEC members to compensate for any supply shortfalls in Russian oil.

The decision supported the price of oil: Brent from the North Sea and US oil WTI rose at times by almost two percent to $112.14 and $109.64 a barrel, respectively.