Russia’s invasion of Ukraine, oil’s surge beyond $110 a barrel and the resulting mayhem in financial markets barely figured in the cartel’s meeting on Wednesday. The group ratified a 400,000 barrel-a-day production increase that was scheduled for April and wrapped up in a record time of just 13 minutes.
Mexican Energy Minister Rocio Nahle tried to raise the subject of Russia, but other members of the 23-nation coalition led by Saudi Arabia and Moscow swiftly moved on to other matters, delegates said. Nahle confirmed she asked a question about Russia, and that she was satisfied with the response.
“They wanted to duck at this meeting -- the path of least resistance was to stick to the plan,” Bob McNally, head of Washington-based consultant Rapidan Energy Group, said in a Bloomberg Television interview. The next meeting on March 31 “is going to be a lot sportier than this one.”
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