OPEC studies increase in oil production

In a virtual meeting on Tuesday (1st), the Organization of Petroleum Exporting Countries (OPEC) expressed concern about the world oil market. OPEC has begun to consider whether to pump more oil or limit production, as the world stage is still dominated by uncertainty.

It is worth remembering that the cut in oil volumes has been going on for a year, when the pandemic impacted companies and created stocks of the commodity. Thus, an alliance of the Organization was born with its allies, known as Opep+, which is led by Saudi Arabia and Russia.

The group now believes that the excess oil has been virtually eliminated and that inventories will continue to decline in the second half, as vaccination has been advancing and reducing restrictions in countries and boosting the resumption of travel. Therefore, OPEP+ is studying the possibility of increasing commodity production.

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