30 June 2022 - 17:17
  • News Code: 458833
OPEC+ Agree to Boost Output by 648k b/d in August

TEHRAN (Shana) -- The 23 member states of the Organization of the Petroleum Exporting Countries and its allies (aka OPEC+) agreed at their 30th meeting to increase the coalition’s supply by 648,000 barrels per day in August.

According to the decision of today’s meeting of the ministers of oil and energy of OPEC+ countries, the crude oil production of the member countries will increase by 648,000 barrels per day in August.

With today's OPEC+ decision, the agreement on the supply limit of 5.8 million barrels per day, which was taken at the 19th meeting of OPEC and its allies, will end.

At its 19th meeting in July, the OPEC+ coalition 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. This decision has been effective since August 2021.

In response to the demand collapse at the height of the Covid-19 outbreak, OPECP+ limited production by 9.7 million barrels per day in May 2020, equivalent to about 10% of the global demand, but has since eases production constraints over time.

The members of this coalition decided to hold the 31st meeting of the coalition on Agust 3.

News Code 458833

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