oil prices have risen before today s meeting of the cartel of oil producing nations, as ministers prepare to set targets for the summer, a time of what will be rising demand across europe and the us. this is their first meeting since the eu imposed sanctions on russian crude. the group is under pressure to exclude russia, the world s third largest oil producer, from future producton quotas. it would be a move that could pave the way for saudi arabia and the uae to pump more oil. here s our middle east business correspondent, sameer hashmi. opec plus is opec plus is expected opec plus is expected to opec plus is expected to stick opec plus is expected to stick to its current policy of making a modest increase in production which translates to a little over 400,000 barrels of oil per day. this is in line with the opec plus agreement that was signed between the members in 2021. but the question that will be on the table and under the spotlight is what will opec plus do after sep
Result in higher prices so it might be that russia is effectively compensated for lower volumes without a higher global oil price and probably make the same amount of money. and that remains the risk with this strategy. and that remains the risk with this strategy- this strategy. unless the likes ofthe this strategy. unless the likes of the saudis this strategy. unless the likes of the saudis decide - this strategy. unless the likes of the saudis decide that - this strategy. unless the likes of the saudis decide that they j of the saudis decide that they have no choice but to increase the amount of oil around the world and they produce more. absolutely, but even then, the oil market is tight so saudi and the uae which have already been talked about this morning have nearly two or 3 million barrels a day of spare capacity, these are different sanctions being brought on russia, restricts the roundabout, two a 3 million barrels a day of russian exports, but the 100 million barrels a da
Which translates to a little over 400,000 barrels of oil per day. this is in line with the opec plus agreement that was signed between the members in 2021. but the question that will be on the table and under the spotlight is what will opec plus do after september 2022? and the reason for that is that in march 2020 opec plus had slashed its capacity during the peak of covid to balance the markets and since then they have been gradually increasing production month by month. by september 2022 opec plus production collectively would have reached the pre covid levels, so what will it next? will it increase production or stick to its current production capacity? now, the answer is not straightforward. there is an opec plus to increase production but the problem for opec plus is that a lot of its members are struggling to meet the current production targets, so even if they do decide to increase production collect
Would probably lose another 2 3 million barrels. it is relatively easy to make up for that, actually, from the opec countries but we do have a cartel of course that at the moment is very much in bed with russia through the so called opec plus agreement, or even greater cartel. so it s difficult and is another political problem the us particularly or opec, saudi arabia, how they will respond in the meantime, we will have to rely on some so called inaudible through higher prices. inaudible through higher rices. ~ ., prices. we will get more information prices. we will get more information from - prices. we will get more information from you . prices. we will get more - information from you today, no doubt. for now, thank you for your analysis. japan says it will take time to phase out russian oil imports after agreeing on a ban with other group of 7, g7 nations, nations to counter moscow s invasion of ukraine, prime minister fumio kishida said on monday. joao da silva is following tha
She look at or even russia there are political forces that support the opec plus agreement with the government and the president leading the way but as you. rice there are other forces that are categorically opposed to opec s plus fluids at the not especially our oil and gas companies which have an enormous production capacity we need a girl only for them so that our state is currently controlled by the president and the government so the companies can t do anything now or in the near future by them combining. the new small. opec went into the next round but it seemed the game was drawing to a close. earlier analyst alexander and low yet had return from texas and predicted an up people in the oil market is full cost proved correct and the geopolitical landscape of oil was turned on its head. slumps where they were to have served and