It is not Europe, the United States, or China. The organization of oil exporting countries (OPEC+) intends to discuss the increase in oil production in more than 411,000 barrels for one day in July. This can lead to a crisis in Russia.
According to the media the body is returning oil at an accelerated pace, which is making prices lower. The representatives of the eight countries (Russia, Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman) They will hold an online meeting in which they can decide to increase average daily production by 411,000 barrels in June.
A few months ago, the OPEC+ decided to increase production quotas in the same amount in May and June. But now, “the new increase could not only be extended for one more month, but it could also be discussed on a larger scale”, as sources consulted by the agency claim Reuters.
Thus, The fall in oil prices is “a knife for Russia”. Less money in its oil benefits means less opportunities to support the military industry, as the publication concludes.
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