OPEC+ to prioritize oil production growth plan for June
A source says the proposal to restore oil production by 432,000 barrels per day in June remains the dominant option for the OPEC+ ministerial summit in May.
According to a source in one of the delegations, the proposal to restore oil production by 432,000 barrels per day in June remains the dominant option for the OPEC+ ministerial summit in May.
The source told TASS that "Probability is the highest that we will keep the current plan for June also," adding that "pressure from the US" is the only thing that can make OPEC+ members reconsider the plan.
According to TASS, the only nations with free manufacturing capacity are Saudi Arabia and the United Arab Emirates.
The United Arab Emirates will be supporting the United States' efforts to persuade OPEC+ member states to increase their oil production, US Secretary of State Antony Blinken said last month, amid surging energy cuts after the US sanctioned Russia and cut off its energy imports into the US, heavily impacting oil prices worldwide.
"I think there was just an announcement a short while ago - I'm not sure if it's been made publicly yet - about Emirati support for increased production when it comes to OPEC plus," Blinken added.