Several key OPEC+ members see no need to accelerate output increases even as oil heads toward\u00a0US$100 a barrel\u00a0amid worsening\u00a0tension\u00a0over Ukraine.<\/p>\n
Iraq and Nigeria said the group\u2019s strategy of gradually raising production is enough to balance the market and the group has no need to be more aggressive.<\/p>\n
Many delegates echoed that view privately on Tuesday, saying it wouldn\u2019t make a difference if crude did hit triple digits.<\/p>\n
The 23-nation alliance, led by Saudi Arabia and Russia, next meets on March 2. It is factoring in growth in output from non-OPEC+ members such as Brazil and Canada and doesn\u2019t want to see any increase in commercially-stored oil around the world, according to Iraq\u2019s Energy Minister Ihsan Abdul Jabbar.<\/p>\n
\u201cThe market will have more and more oil so we think there\u2019s no need\u201d to diverge from today\u2019s strategy, he said in an interview in Qatar, where he\u2019s attending a natural gas conference. \u201cWe will not create any growth to the commercial storage. We will secure all the demand by making the required supply.\u201d<\/p>\n
Nigeria\u2019s energy minister, Timipre Sylva, backed Jabbar\u2019s comments.<\/p>\n
\u201cWe won\u2019t do anything extraordinary at this time because we are expecting at lot of production\u201d from outside of OPEC+, Sylva told reporters at the same event. There\u2019s \u201cno need at all to bring on more barrels than the current plan.\u201d<\/p>\n
Several of OPEC+\u2019s biggest producers want to continue to add 400,000 barrels a day of crude to the market each month, Bloomberg reported on Monday.<\/p>\n
Iraq\u2019s Jabbar said the Organization of Petroleum Exporting Countries and its partners will make their decision for April at the March meeting, after reviewing fresh data on supply and demand.<\/p>\n
Some major oil importers have called on OPEC+ to pump faster and put pressure on the likes of Saudi Arabia to use up some of their spare capacity.<\/p>\n
Read more: OPEC+ Must Fix Its Million-Barrel Supply Gap, IEA Says<\/p>\n
Jabbar said it would be \u201cunfair\u201d for any OPEC+ state to raise output beyond its quota, despite many members\u00a0struggling\u00a0to reach theirs. Last week, the International Agency Energy Agency, which advises rich countries, said OPEC+ was pumping almost 1 million barrels a day below its target.<\/p>\n
\u201cWe have come from the recovery from COVID,\u201d the Iraqi minister said. \u201cIt is not fair that you will give the increase just for some countries.\u201d<\/p>\n
Iraq undershot its output target last month because of bad weather at ports, Jabbar said. The country should meet its quota for February of around 4.3 million barrels a day, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Several key OPEC+ members see no need to accelerate output increases even as oil heads toward\u00a0US$100 a barrel\u00a0amid worsening\u00a0tension\u00a0over Ukraine. Iraq and Nigeria said the group\u2019s strategy of gradually raising production is…<\/p>\n","protected":false},"author":1,"featured_media":5935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[46,48,57,68,76,77,82,86,87,90,96,99,103,107,109,111,113,137,139,146,148,160,174,183,184,201,202,209,222,230,232,233,244,246,249,256,262,263,267,277,279,280,285,288],"class_list":["post-5924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-aramco","tag-athens","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-co2","tag-cyprus","tag-decarbonising","tag-democracy","tag-doha","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-peace","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-pollution","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-solar","tag-solar-power","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-turkey","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5924"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5924\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/5935"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}