Oil Producers Stick to Their Plan Despite Ukraine Suffering
Zafir Kamdar, Staff Reporter, The Pawprint
Despite the fact that oil prices have risen to seven-year highs, a strong cartel of oil-producing nations has said that they will only boost supply by a little amount.
The Organization of Petroleum Exporting Countries and its Allies (Opec+), led by Russia, will not turn on the taps.
From April, the cartel of 23 countries will add 400,000 barrels of oil per day to the market.
The club is keeping to a commitment made by its members in 2021 to gradually restore output that had been stopped during the pandemic. During the epidemic, several nations produced fewer barrels of oil as demand fell drastically due to lockdowns.
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