Starting in September: OPEC+ will abandon its voluntary oil production cuts
23 July 21:25
Ministers from seven OPEC+ countries are likely to decide to completely abandon voluntary oil production cuts at a meeting on August 2, three delegates told Reuters, according to "Komersant Ukrainian".
The meeting of alliance representatives, including Russia and Saudi Arabia, will take place next Sunday amid rising oil prices to $100 per barrel: concerns over “black gold” supplies from the Persian Gulf are intensifying due to the breakdown of previous agreements between the U.S. and Iran, while risks in the Red Sea are mounting.
Watch us on YouTube: important topics – without censorship
According to media sources, OPEC+ ministers are likely to agree to increase oil production quotas by 188,000 barrels per day in September, which will complete the process of gradually restoring production —a total of 1.65 million barrels per day that had been voluntarily cut by the alliance.
The OPEC+ alliance, which unites the Organization of the Petroleum Exporting Countries and its partners, includes 21 countries; but the responsibility for implementing the voluntary cuts has largely fallen on seven producers—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, and Kazakhstan. The UAE left the alliance at the end of April, seeking to align its production capacity with actual output levels and to free itself from the restrictions imposed by the group.
According to an OPEC report, oil production in the UAE approached a historic high in June, exceeding 3.8 million barrels per day.
According to OPEC, in June, total oil production in Saudi Arabia, the UAE, Iraq, Kuwait, and Iran increased by approximately 3 million barrels per day compared to May. Production increased in all of these countries, with the exception of Saudi Arabia, where output remained virtually unchanged from the previous month.
Read us on Telegram: important topics – without censorship
