OPEC decided to increase oil production – media

OPEC+ countries have decided to increase oil production to compensate for falling production in Russia, Reuters reported on Thursday, June 2nd.

Initially, it planned to increase production by 432,000 bpd in three months, but eventually reached an agreement to increase production to 648,000 bpd in July and to 648,000 bpd in August.

It should be noted that due to the sanctions, production in the Russian Federation fell by approximately 1 million barrels per day.

According to Reuters, according to a number of industry estimates, the sanctions in the West will lead to a decrease in production in Russia by 2-3 million barrels per day.

Against this background, the value of reference grades of oil fell sharply on Thursday, June 2, despite the imposition of the EU embargo on supplies from Russia.

One day the price of Brent oil exceeded $ 120 per barrel, and now it drops below $ 113. American West Texas Intermediate oil prices also fell. Later, prices rose slightly.

According to media reports, Saudi Arabia is ready to increase oil production if production in Russia falls.

Earlier, the media reported that OPEC was discussing the idea of ​​suspending Russia’s participation in the oil production deal.

Recall, on May 31, the heads of EU countries agreed on the sixth package of sanctions against the Russian Federation, under which oil imports are limited by two-thirds. Official sanctions will be announced tomorrow.