Oil: OPEC + agrees on a further modest increase in its production
The 23 members of the Opep + group have agreed to continue increasing their oil production by 400,000 barrels per day, in order to help fuel the global economic recovery.
AFP - ANDY BUCHANAN
Text by: RFI Follow
3 min
After the cancellation of their meeting in early July, the OPEC countries and their ten allies via the OPEC + agreement, meeting Sunday July 18 by videoconference finally reached an agreement.
He forecasts a modest increase in oil production from August.
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The 23 members of the Opep + group have agreed to continue increasing their oil production by 400,000 barrels per day, in order to help fuel the global economic recovery.
That is a total of 2 million barrels daily put back on the market by the end of the year.
Since May, the cartel has timidly reopened the black gold tap after sharply reducing production at the start of the pandemic for lack of demand.
A strategy that paid off and helped to straighten out prices.
But to continue this agenda, it was necessary to overcome the blockage on the part of the United Arab Emirates, which demanded an upward revision of their production volumes.
A compromise plans to adjust the quotas for this country and for a few others next May.
The agreement also postpones the production cap deadline from April 2022 to the end of 2022.
For this, the organization should assess the evolution of the market next December.
The 19th OPEC and non-OPEC Ministerial Meeting has begun via videoconference under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia's Minister of Energy and Co-Chair HE Alexander Novak, Russian Deputy Prime Minister, together with ... pic.twitter .com / RyjMQIpMj8
- OPEC (@OPECSecretariat) July 18, 2021
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To read also:
OPEC and its allies open the taps
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Oil
Economic crisis