Baghdad – The Kingdom of Saudi Arabia, Russia and other major oil producers in “OPEC +” agreed, today, Thursday, to another marginal increase in production in light of risks to demand, amid continuing restrictions to combat the spread of the Corona virus in China.
Representatives of 13 countries within the Organization of Petroleum Exporting Countries (OPEC), and their other 10 partners, said in a statement: They agreed on the decision to adjust the total monthly production with an increase of 432,000 barrels per day for the month of June 2022.
Oil prices rose at the beginning of Asian transactions, yesterday, Wednesday, after industrial data showed a decline in US crude and fuel stocks; This has raised supply concerns.
market sources, citing data from the American Petroleum Institute, said that US crude and fuel stocks fell last week. The sources said that crude stocks fell by 3.5 million barrels in the week ending April 29.
The rise in prices comes against the backdrop of news that the European Union is ready to impose new sanctions on Russia over its war in Ukraine, targeting the Russian oil sector.
Source: National Iraqi News Agency