OPEC approved to increase the production of crude oil in five countries, there was a ban earlier.
OPEC and its allies have agreed to increase crude oil production in five countries that were previously banned in this regard.
Let us tell you that a few days ago the UAE had demanded to increase production, after which a dispute arose in the Organization of the Petroleum Exporting Countries.
OPEC approved to increase the production of crude oil: After this, the meeting of the group was postponed.
Iraq, Kuwait, Russia, Saudi Arabia, and the United Arab Emirates (UAE) will increase their production, said in a Sunday statement.
In this regard, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that what brings us on one platform is beyond the imagination of the media.
Our views may differ on many points, but we are one nonetheless. He declined to elaborate on how they reached a consensus.
Explain that India has been demanding OPEC countries to increase production due to the continuous increase in crude oil prices.
After the online meeting, UAE Energy Minister Suhail-al-Mazrouei informed reporters about the (full consent). However, he did not immediately reveal anything.
Later in the statement of OPEC, information was given about the agreement to increase the production level of the five countries.
Earlier this month talks about production broke down as the UAE wanted to increase its own production levels. Because of this, the tension between the UAE and Saudi Arabia increased.
Al Mazrouei said, “The UAE remains committed to this group and will always work with it.” We will try our best to balance the market and help everyone.
It is noteworthy that amid the Coronavirus epidemic, vehicle fuel and jet fuel demand fell due to the fall in crude oil prices.
Now the demand has improved due to the increase in the speed of vaccination in many countries of the world. Benchmark Brent crude oil was trading at $ 73 per barrel on Friday.