The 23 members of OPEC and non-OPEC coalition, collectively known as OPEC+, made an agreement during the 31st OPEC and non-OPEC Ministerial Meeting, held via video conference on Wednesday, August 3, 2022, to add 100,000 bpd to their crude oil output in September.

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.

Sources said the OPEC+ members’ compliance reached 320 percent in June which shows the coalition pumped about 3 million bpd of oil bellow their quotas.

The coalition decided to hold the 32nd OPEC and Non-OPEC Ministerial Meeting on September 5, 2022.