OPEC+ countries decided to increase oil production in August by 548 thousand barrels per day compared to July.
The OPEC statement reports that the OPEC+ countries (Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, Algeria and Oman) held an online meeting to discuss the current state and prospects of the global oil market.
The meeting considered a voluntary reduction in production by 2.2 million barrels per day, which has been gradually and flexibly reduced since April. In this context, it was decided to increase the production of 548 thousand barrels per day in August compared to July. It is noted that this increase corresponds to a 4-month stage of gradual extraction of production.
The message emphasizes that the decision was made taking into account the stable market foundations, confirmed by stable forecasts for the global economy and a low level of oil reserves. However, it is noted that if market conditions change, the process of gradual increase in production can be suspended or canceled, which will ensure flexibility to maintain market stability.
The next meeting of the group to determine the levels of production for September is scheduled for August 3.