{"id":1501180,"date":"2022-06-02T12:00:18","date_gmt":"2022-06-02T16:00:18","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1501180"},"modified":"2022-06-02T12:00:29","modified_gmt":"2022-06-02T16:00:29","slug":"opec-announces-oil-production-boost","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-announces-oil-production-boost\/","title":{"rendered":"OPEC+ Announces Oil Production Boost"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fopec-announces-oil-production-boost%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1501180&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\"><\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">O<\/span>PEC+ pledged on Thursday to increase <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/oil\" target=\"_blank\" rel=\"noopener\">oil production<\/a> further after resisting repeated calls by the <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/biden-administration\" target=\"_blank\" rel=\"noopener\">Biden administration<\/a> and other nations to do so to tame <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/gas-prices\" target=\"_blank\" rel=\"noopener\">high prices<\/a>. <\/p>\n<p>The cartel, which includes nonmember Russia, committed to raising its collective production by 648,000 barrels per day beginning in July, a roughly 200,000-barrel-per-day increase from its recent monthly production increase targets. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/energy-environment\/record-gas-prices-have-nearly-doubled-since-biden-took-office\" target=\"_blank\" rel=\"noopener\">RECORD GAS PRICES HAVE NEARLY DOUBLED SINCE BIDEN TOOK OFFICE<\/a><\/b> <\/p>\n<p>The group&#8217;s announcement said members took into account reopening from lockdowns &#8220;in major global economic centers,&#8221; likely referring to China. It also said it expects global refinery intake to increase following maintenance. <\/p>\n<p>The announcement is big news for the oil market, as prices have stood well above $100 per barrel since the war in Ukraine began. <\/p>\n<p>As recently as May 24, <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/no-oil-price-relief-saudis-see-market-in-balance-and-wont-boost-production\" target=\"_blank\" rel=\"noopener\">Saudi Arabia argued the market<\/a> is &#8220;balanced&#8221; and didn&#8217;t need additional production, language OPEC has also used for several months in declining to move its production increase target beyond about 400,000 barrels per day. <\/p>\n<p>&#8220;As far as we are aware, there is no shortfall of oil,\u201d said Prince Faisal bin Farhan Al Saud, Saudi Arabia&#8217;s foreign minister. <\/p>\n<p>\u201cIt\u2019s much more complex than just bringing barrels to the market,\u201d he also said. \u201cOur assessment is that, actually, oil supply right now is relatively in balance.\u201d <\/p>\n<p>Other Saudi leaders have said the problem was a shortage of refining capacity across the globe, rather than a shortage of oil, an assessment with which the Biden administration and the broader Group of Seven countries disagreed. <\/p>\n<p>The G-7 on Friday <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/g-7-pressures-opec-for-more-oil-to-tame-prices\" target=\"_blank\" rel=\"noopener\">released conclusions<\/a> from a meeting of national energy ministers, finding &#8220;tightening international markets&#8221; and pressuring OPEC for more oil. <\/p>\n<p>The White House welcomed the decision by OPEC+ to increase production. <\/p>\n<p>&#8220;We recognize the role of Saudi Arabia as the chair of OPEC+ and its largest producer in achieving this consensus amongst the group members,&#8221; press secretary Karine Jean-Pierre said in a statement. She said the United States &#8220;will continue to use all tools at our disposal to address energy prices pressures.&#8221; <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/b> <\/p>\n<p>The cartel&#8217;s announcement coincides with a new record gas price. As of Thursday, U.S. drivers are paying $4.715 per gallon, on average, according to the American Automobile Association.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>OPEC+ pledged on Thursday to increase oil production further after resisting repeated calls by the Biden administration and other nations to do so to<\/p>\n","protected":false},"author":498,"featured_media":1888617,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1501180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1501180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1501180"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1501180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1888617"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1501180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1501180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1501180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}