OPEC+ will increase oil production by 648,000 barrels per day in July and August, the next meeting will be held on June 30, OPEC said in a communique following the meeting held on Thursday
MOSCOW (Pakistan Point News / Sputnik - 02nd June, 2022) OPEC+ will increase oil production by 648,000 barrels per day in July and August, the next meeting will be held on June 30, OPEC said in a communique following the meeting held on Thursday.
According to the previously approved plan, it was expected that the alliance would increase oil production in these months by 432,000 barrels per day each and completely cease its obligations in September.
"Advance the planned overall production adjustment for the month of September and redistribute equally the 0.432 mb/d production increase over the months of July and August 2022. Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule," the alliance said.
Based on this distribution of the September adjustment, in August it is also planned to increase production by 648,000 barrels per day.
According to the approved schedule, Saudi Arabia will be able to produce 10.833 million barrels per day in July, the same quota for Russia. For the UAE, the permitted production level for July will be 3.127 million barrels per day, 4.58 million barrels per day for Iraq, 2.768 million barrels per day for Kuwait, 1.68 million barrels per day for Kazakhstan.
The next OPEC+ meeting is scheduled for June 30, the communique says.
