Instead of the planned production increase of almost 650,000 barrels in August, it will only increase by 100,000.
OPEC + member countries at a meeting on Wednesday, August 3, agreed to increase oil production in September by 100,000 barrels per day, writes Bloomberg.
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“In terms of global balance, today’s meager increase in quotas – the smallest since 1986 in absolute terms and the smallest in history in percentage terms – is nothing,” said energy expert Bob McNally , who heads the consulting firm Rapidan Energy Group.
“It’s so small that it’s just stupid. As a political gesture, it’s almost like an insult,” said Raad Alkadiri of the consulting firm Eurasia Group.
Reuters said that an increase of 100 thousand barrels is equivalent to only 86 seconds of global oil demand.
In July and August, OPEC planned to increase production by 648,000 barrels per month, but it failed.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.