Commodities

OPEC+ countries allowed to increase oil production by 100 thousand barrels per day from September

The quota of OPEC+ countries for oil production from September 1 is increased by another 100 thousand barrels per day.

In early August, the ministers of the countries that are members of the alliance decided to slightly increase oil production. OPEC+ is of the opinion that the extremely limited availability of spare capacity requires it to be used with great care in order to respond to severe supply disruptions.

At the same time, the coalition countries are significantly behind the established production plan: in June, the market received less than 2.84 million bpd (about 3% of world oil demand); in July, according to the IEA, this figure amounted to 2.74 million b/d.

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The quota of the Russian Federation and Saudi Arabia for oil production in September will increase by 30 thousand b/d – up to 11.03 million b/d.

The next OPEC+ meeting is scheduled for September 5, 2022, where the issue of production levels in October will be decided.

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