2 June 2022 - 18:38
  • News Code: 457726
OPEC+ Agrees to Raise Output by 648,000 bpd for July

TEHRAN (Shana) – The Organization of the Petroleum Exporting Countries and its allies, OPEC+ coalition, agreed on Thursday to increase crude oil output by 648,000 barrels per day in July.

The 23 members of OPEC and non-OPEC coalition, collectively known as OPEC+, made an agreement during the 29th OPEC and non-OPEC Ministerial Meeting, held via video conference for 11 minute on Thursday, to add 648,000 bpd to their crude oil output in July.

Iran’s Petroleum Minister, who is in Azerbaijan to participate in the 27th Baku Energy Forum and the 27th International Caspian Oil and Gas Exhibition, attended the meeting at Iran embassy in Baku.

At their 19th meeting in July, OPEC and its allied producers agreed to increase production by a total of 400,000 barrels per day each month to end the supply limit of 5.8 million barrels per day, a decision that has been in place since August.

OPEC+ cut its production by 9.7 million barrels per day in May 2020, equivalent to about 10 percent of global demand in response to the collapse in demand at the height of the Covid-19 outbreak, but has since facilitated supply constraints.

The coalition decided to hold the 30th OPEC and Non-OPEC Ministerial Meeting on June 30.

News Code 457726

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