OPEC+ implements new moderate production increase
OPEC+ approved its fifth increase in crude oil production, which will reach 188,000 barrels per day starting in August
The energy ministers of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman approved increasing crude oil production to 188,000 barrels per day starting in August.
This is the organization’s fifth consecutive increase, amid the ongoing conflict in the Strait of Hormuz, and is a response to the need to stabilize the international market.
The production increases approved by OPEC+ since April have remained largely unimplemented, largely due to the conflict in Iran and despite the recent peace agreement reached with the United States.
The prolonged closure of the Strait of Hormuz has had a devastating impact on regional and international negotiations, and fuel costs have risen drastically, directly affecting the cost of living for citizens.
M.Pino
With information from national and international media and agencies
(Reference image source: Gerhard Crous on Unsplash)
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