Illustrative photo of oil wells. (Credit: AFP)
In a statement released Sunday after a virtual meeting of eight OPEC+ members, the expanded alliance of oil-exporting countries said it would increase its total daily output by 411,000 barrels. The number is a significant jump from the 137,000-barrel increase outlined in the initial plan released in March, which was set to take effect in April.The news sent a jolt through global financial markets, marking a notable shift in OPEC+ policy. For years, Saudi Arabia, the group’s de facto leader, has favored limited production to push prices upward. Now, Riyadh appears to be changing course.“I don’t think anyone was expecting such an increase,” said Karen Young, a senior research scholar on energy policy at Columbia University.Following the announcement, the price of Brent crude, the global benchmark, fell 4.6 percent to $58 a barrel, while...
In a statement released Sunday after a virtual meeting of eight OPEC+ members, the expanded alliance of oil-exporting countries said it would increase its total daily output by 411,000 barrels. The number is a significant jump from the 137,000-barrel increase outlined in the initial plan released in March, which was set to take effect in April.The news sent a jolt through global financial markets, marking a notable shift in OPEC+ policy. For years, Saudi Arabia, the group’s de facto leader, has favored limited production to push prices upward. Now, Riyadh appears to be changing course.“I don’t think anyone was expecting such an increase,” said Karen Young, a senior research scholar on energy policy at Columbia University.Following the announcement, the price of Brent crude, the global benchmark, fell 4.6 percent to $58 a barrel,...
