Report: OPEC + will ignore the decision to stop Russian oil exports

Economy

31-05-2022, 17:50

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Baghdad-INA
A report suggested that the OPEC + alliance, at its meeting Thursday, will ignore the decision of the 27 European Union countries to stop the bulk of Russian oil exports and maintain the status quo, while taking into account not to irritate Russia.

The 13 members of the Organization of Petroleum Exporting Countries (OPEC) and its ten partners will meet next Thursday via video link in Vienna, the bloc's headquarters, in a meeting that has been held almost monthly since the emergence of the Covid-19 epidemic, to determine production quotas for the month of July.
Since the last meeting of the alliance in May, the price of a barrel of Brent North Sea has jumped by about 12% and the price of US West Texas crude by more than 10%, due to the possibility of the European ban in particular.