(VOVWORLD) - OPEC+, the Organization of the Petroleum Exporting Countries and its allies, will add 100,000 barrels of oil per day in September, a much smaller increase than in recent months, according to a statement released after a ministerial conference held online on Wednesday.
 An oil refinery in Kirkuk, Iraq. (Photo: AFP/VNA) |
Edward Moya, senior market analyst for The Americas, OANDA, said the smallest increase in OPEC+ history will not move the needle in helping the world battle the ongoing global energy crisis. According to Moya, the price of oil will continue to fluctuate around 100 USD/barrel even if the world economy slows down.
OPEC refuses to sharply increase production because of 'a lack of spare capacity to add more oil as well as the need to cooperate with Russia as part of the OPEC+ group.