Thursday, August 18, 2022

OPEC Plus has decided to slightly increase the daily production of oil

OPEC Plus has agreed to increase oil production by 100,000 barrels per day.

OPEC Plus is increasing daily oil production by 100,000 barrels.

OPEC Plus has said that the oil producing countries do not have the capacity to increase the production of crude oil. According to the OPEX Plus decision, the 23-nation organization will increase daily production of crude oil to 748,000 barrels by next month.

Analysts have described this modest increase as disappointing for US President Joe Biden.

US President Joe Biden, on his visit to Saudi Arabia, demanded the Saudi leadership to increase production to deal with rising oil prices.

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