The “OPEC +” alliance agrees to increase oil production by 648,000 barrels per day

The "OPEC +" alliance - OPEC and non-member oil producing countries - decided to increase crude oil production for the coming months of July and August by 648,000 barrels per day, during the twenty-ninth ministerial meeting of "OPEC" and independent producers, which was held today through communication technologies. Visible.

In a statement issued today, "OPEC" stated that consumption of global refineries is expected to increase after seasonal maintenance, while the meeting highlighted the importance of having stable and balanced markets for crude oil and refined products.

The organization referred to the decision of the tenth OPEC and non-OPEC ministerial meeting on April 12, 2020, which was approved in subsequent meetings including the nineteenth OPEC and non-OPEC ministerial meeting on July 18, 2021.

“OPEC” agreed on the production adjustment plan and the monthly production adjustment mechanism that was approved at the nineteenth ministerial meeting of OPEC and outside, and the decision to adjust the total monthly production by an increase of 432,000 barrels per day for the month of July 2022.

"OPEC" adjusted the total production planned for the month of September and redistributed the production increase by 432,000 barrels per day equally over the months of July and August 2022. Therefore, the production of July will be adjusted upwards by 648,000 barrels per day.

OPEC also decided to extend the compensation period until the end of December 2022 as required by some poor-performing countries and to demand that the poor-performing countries submit their plans by June 17, 2022. Compensation plans should be submitted according to the statement of the 15th OPEC and non-OPEC ministerial meeting.

"OPEC" stressed the critical importance of the commitment to full conformity and the compensation mechanism, while it decided to hold the 30th Ministerial Meeting of OPEC and non-OPEC on June 30, 2022.

Follow our latest local and sports news and the latest political and economic developments via Google news