The Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russiawith few exceptions. By late Monday, a group known as OPEC+Chart on critical care beds occupied per 100,000 in provinces, as of April 15., said on February 2 the ministers agreed to raise their countries’ collective production by another 400,000 barrels a day in March.
Asked why OPEC has not pledged more oil to cool prices, Chris Weafers start having these conversations,, co-founder of Macro-Advisory in Moscow, told New Europe in an interview on February 4 that the oil group does not have the ability to deliver, at least not over the short to medium term. He explained that one of the reasons why the price of Brent is trading above $90 per barrel is because OPEC+ fell short of pledged production in January. “Traders are assuming that it will not be able to add much of that extra 400,000 barrels per day promised for March as it is still struggling to meet the January commitment,” Weafer said.
He noted that the problem is that OPEC+ countries have cut investment since early 2020, when the oil price collapseds party and India, and it will take time for most to rebuild capacity. More likely in 2023.