OPEC Ready to Boost Output After US Sanctions Hit Russia’s Oil Giants

OPEC  is prepared to raise oil production if market shortages emerge following new US sanctions targeting Russia’s largest oil companies, Lukoil and Rosneft, Kuwait’s Oil Minister Tariq Al-Roumi said, according to Reuters report on October 24.

The sanctions, described as Washington’s toughest measures on Russian business since the beginning of its invasion of Ukraine, caused global oil prices to jump by 5% and prompted India to consider reducing imports from Russia.

Al-Roumi said the move could “certainly have a positive impact on prices” and predicted a shift in demand toward Gulf producers. “We are already seeing signs,” he told Reuters.

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Business

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OPEC+, which includes Russia and produces roughly half of the world’s oil, has been gradually reversing years of output cuts to reclaim market share and meet global demand. The group plans to raise production by 137,000 barrels per day starting in November as part of its latest adjustment.

Previously, it was reported that the US Department of the Treasury announced that it has imposed sweeping sanctions on Russia’s two largest oil companies, Rosneft Oil Company and Lukoil OAO, citing Moscow’s “lack of serious commitment to a peace process” in Ukraine.

Earlier, it was stated that a major Chinese state-owned oil companies have suspended seaborne purchases of Russian crude oil in response to new US sanctions on Russia’s two largest producers, Rosneft and Lukoil.

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