Participants in the OPEC+ Agreement will consider such a decision appropriate against the background of the “current healthy market foundation found in low oil reserve”.
Eight countries participating in the OPEC+ Agreement decided to accelerate the rising oil production in August by 548 thousand barrels per day. This was reported by the Organization of Oil Exporting Country (OPEC) on Saturday, July 5.
“Given stable prospects in the economic world and current foundations of healthy markets found in low oil reserves,” eight participating countries will organize the manufacture of 548 thousand barrels per day in August 2025 compared to July.
Representatives of Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have mentioned that this step of a gradual increase in production may be suspended or canceled depending on changes in market conditions.
“The eight OPEC+ countries also said that this proposal will provide participating countries with the opportunity to speed up the payment process (for the previous reduction in Prey-Ed.),” The report said.
The next meeting of OPEC+ participants will be held on August 3 to determine the level of labor in September.
Earlier, the media reported that OPEC+ countries were discussing the rising oil production of 500 thousand barrels days in August, which would probably roll market prices. It is noted that alliance members are changing the approach – instead of protecting oil prices, they move on to market maintenance.
Remember that in June, OPEC countries increased oil production by 270 thousand barrels per day due to Saudi Arabia and the UAE.
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Source: korrespondent
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