06.10.2022

OPEC countries agree to expand oil production

In the second half of 2018, an additional volume of oil production will be a million barrels a day. On the background of the decision of oil has increased in price.Fourteen members of Organization of countries-exporters of oil (OPEC) and another ten outside the Union of States, including Russia (OPEC+), agreed on Saturday, June 23, in Vienna to expand oil production.

“The situation demanded a change of course”, – said the Minister of energy of Saudi Arabia Khalid bin Abdulaziz al-Faleh. “We came to the conclusion that in the second half of the required additional production volume in million barrels a day,” he said.

A preliminary decision was approved at the level of OPEC in the first day of the meeting in Vienna. Vs was supported only by Iran. The growth in demand from the US, India and China demanded a correction strategy.

Oil reference marks, however, have increased in price. The cost of the August futures for Brent on London’s ICE Futures exchange June 22, increased by $ 2.5 75,55 dollars per barrel.

In 2016 24 countries (OPEC+) agreed to produce a total of no more than 32.5 million barrels per day. Later the agreement was extended. Currently, however, actual production is much less than was agreed – in particular, due to the fact that the grips of an economic crisis Venezuela is unable to produce the required amount of “black gold”. In this regard, in Vienna targets, it was decided not to change and to increase production within the existing gap.

The macron warned: in the world of brewing a new war because of Russia

Saudi Arabia is ready to use military force against Qatar if Doha will receive from the Russian anti-aircraft missile system s-400.

This writes the French newspaper Le Monde.

So, Saudi king Salman bin Abdulaziz al Saud, recently sent to Paris a letter appealed to the President of France Emmanuel Makron to put pressure on Qatar to prevent the acquisition of the Russian s-400, Interfax reported.

The message, in particular, expressed willingness to carry out “military action” in respect of Qatar, if he shall gain these complexes.

“In this situation, the Kingdom (Saudi Arabia) is ready to take all necessary measures to eliminate this defense system, including through military action,” – quoted by Le Monde excerpts from the message of the Saudi king.

The newspaper reminds that the intention to purchase Russian s-400 in January of this year, said the Ambassador of Qatar in Moscow Fahad bin Mohammed al Attiyah.

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