Increase in Limited Production Against European Union's Embargo Plan from OPEC

OPEC decided to increase supplies of 432 thousand barrels per day in June. The Organization of the Petroleum Exporting Countries (OPEC) and its partners announced that they will make a limited production increase in June, given the expectation that the European Union's plan to restrict Russian oil will result in a global supply shortage.

International consumers are encouraging Saudi Arabia and its allies to help fill the void left by the Russian crude boycott and ease inflationary pressures caused by the $110 per barrel prices. In addition to the statements of the delegates, the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC allies reached a consensus to increase production by 432,000 barrels per day in June. Ursula von der Leyen, President of the European Union Commission, in her speech on the content of the new sanctions package planned to be implemented against Russia, said, "We're working to reduce our reliance on Russian oil. To be clear, this is not going to be easy. Some EU members are reliant on Russian oil. Now we propose an embargo on Russian oil. Imports of all crude and processed Russian petroleum products delivered by sea and pipeline will be completely prohibited."