Vienna – The Organization of the Petroleum Exporting Countries (OPEC) decided, unanimously, to increase output by the group in 1 million barrels per day, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih (picture above), announced this Friday (22), in Vienna. The information was published by Algerian news outlet Algérie Presse Service (APS).
“I believe that this will contribute significantly to answer the supplementary demand that we’re forecasting for the year’s second half,” said the minister. According to APS, Saudi Arabia, supported by Russia and the United States, was arguing for the increase in a scenario of raising of prices and potential tensions in the oil market.
According to APS, Riyadh and Moscow wanted to alter the output-limiting agreement signed by OPEC and other producing countries at the end of 2016, which contributed to the rise in the prices of the commodity, but Iran, with production capacity and output limited by North American economic sanctions, was opposed to an increase in output until this morning, fearing to lose revenues and market share, especially against its regional rivals, the Saudis. At the end, however, the measure was approved.
Translated by Sérgio Kakitani
