LONDON :OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential.
U.S. and Western sanctions on Russia have caused prices of all types of energy to soar, resulting in inflation at multi-decade highs and central bank interest rate hikes. Group sources have cited a lack of spare capacity among members to add more barrels as well as the need for further cooperation with Russia as part of the wider OPEC+ group.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC+ sees slightly smaller oil market surplus this year, sources sayLONDON : The OPEC+ Joint Technical Committee (JTC) trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day (bpd) to 800,000 bpd, two OPEC+ delegates told Reuters. The JTC is meeting on Tuesday ahead of a ministerial meeting of the Organization of the Petroleum Exporting C
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
OPEC+ sees slightly smaller oil market surplus this year, sources sayLONDON : The OPEC+ Joint Technical Committee (JTC) trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day (bpd) to 800,000 bpd, two OPEC+ delegates told Reuters. The JTC is meeting on Tuesday ahead of a ministerial meeting of the Organization of the Petroleum Exporting C
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »