this Organization of Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC+, increase joint crude oil production by 50 percent until next july 648,000 barrels per dayas reported in a statement.
By the end of this Thursday’s meeting, OPEC and the group of countries that include allies such as Russia, Mexico or Kazakhstan decided to “advance the global production adjustment scheduled for September” and fairly redistribute the 432,000-barrel increase. Expected from July to August, thus increasing the supply from July to 648,000 barrels.
In this way, the poster partially gathered the demands of the market. and underscoring the importance of stable and balanced markets for both crude and refined products, taking into account the impact on demand of the reopening of some of the world’s main economic centers after the recent lockdowns.
In this way, OPEC+ production will be 43,206 million b/d as of July, compared to 42,558 million b/d in June. Saudi Arabia and Russia will undertake the largest production volume, with an offer of 10,833 million barrels per day, respectively.
According to the quotas in effect as of June, the ten countries belonging to OPEC will have to produce a maximum of 26,276 million barrels per day, while other countries will be able to produce up to 16,930 million barrels.
On the other hand, the ministers of OPEC+ countries agreed to meet again on 30 June.