Oil Prices Spike As OPEC Reveals Production Loss For May ...Middle East

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Oil Prices Spike As OPEC Reveals Production Loss For May
source : OILPRICE ( Middle East ) () 11
Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased, according to OPEC’s latest Monthly Oil Market Report released on Tuesday. Meanwhile, the group stressed that oil demand could be stymied by Russia’s invasion of Ukraine. That point, however, did little to assuage the market’s fear that OPEC’s spare capacity has been overstated, with Saudi Arabia and the UAE the only members that have any room to increase production. That extra production from The Kingdom and the Emirates,…

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