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so let s get started, and we begin with the latest meeting of the world s major oil producing nations - 0pec+. world leaders, including president biden and the uk prime minister, are hoping the group will agree to pump more oil and ease energy prices that is fuelling inflation. in a bid to increase pressure, joe biden is headed to saudi arabia next month for meetings. but so far the signs are the oil producers group, which includes russia, is unwilling to budge. opec nations produce around 30% of the world s crude oil, about 28 million barrels a day. let s talk this through with spencer welch oil analyst with s&p global. good morning to you. in the last month they had agreed to increase production a teeny tiny bit. but what is their argument for not increasing it more now? more now? good morning, actually more now? good morning, actually they more now? good morning, actually they have - more now? good morning, actually they have been - actually they have been inc ....
Argument for not increasing it more now? more now? good morning, actually more now? good morning, actually they more now? good morning, actually they have - more now? good morning, actually they have been - actually they have been increasing production every single month, for almost a year now and they have been targeted to increase by 400,000 barrels a day, they haven t really been achieving it but that has been the aim and last month, they targeted as an increase x 50,000 barrels a day, but the interesting news this week, as the conversation overheard between president macron and president biden where president macron suggested saudi arabia was already at or near production capacity and had nowhere further to increase. figs nowhere further to increase. as ou sa nowhere further to increase. as you say that is interesting because we all assume saudi arabia has more capacity is able to boost production significantly and other countries in the middle east such as uae stop so what i ....