03-06-2022, 06:09 PM
‘ As oil soars, OPEC and its allies decline to offer relief ‘
“ The cartel said it would continue a strategy agreed to in July, rubber-stamping a modest 400,000-barrel-a-day production increase for April. Analysts widely consider an increase of this size insufficient to cool down prices. In addition, many OPEC Plus countries have been producing substantially less oil than the group’s targets. “
“ What OPEC Plus members will actually deliver to the market in the coming weeks is anyone’s guess. “
“ Even before Russia’s invasion of Ukraine, OPEC Plus was producing substantially less than its targets. The International Energy Agency, which works to shape energy policy around the world, estimated that OPEC Plus fell short by 900,000 barrels a day in January — about 1 percent of overall production. “
https://www.nytimes.com/2022/03/02/busin...-opec.html
“ The cartel said it would continue a strategy agreed to in July, rubber-stamping a modest 400,000-barrel-a-day production increase for April. Analysts widely consider an increase of this size insufficient to cool down prices. In addition, many OPEC Plus countries have been producing substantially less oil than the group’s targets. “
“ What OPEC Plus members will actually deliver to the market in the coming weeks is anyone’s guess. “
“ Even before Russia’s invasion of Ukraine, OPEC Plus was producing substantially less than its targets. The International Energy Agency, which works to shape energy policy around the world, estimated that OPEC Plus fell short by 900,000 barrels a day in January — about 1 percent of overall production. “
https://www.nytimes.com/2022/03/02/busin...-opec.html