OPEC will increase its oil supply in June
The agency announced that from next month, the supply of oil will grow by about 432,000 barrels per day
The Organization of Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC+, decided to increase their joint crude oil production by 432,000 barrels per day starting next June, they reported in a statement.
At the end of the virtual meeting, the group of countries, which includes OPEC and allies such as Russia, Mexico or Kazakhstan, concluded that the fundamentals of the oil market and the consensus on the prospects pointed to a well-balanced market, despite the effect of “geopolitical factors and issues related to the pandemic”.
In this way, as of June, OPEC+ production will be 42.558 million barrels per day, compared to the quota of 42.126 million that was set for the month of May. Saudi Arabia and Russia will assume the largest volume of production, with an offer of 10.663 million barrels per day, respectively.
According to the quotas in force as of June, the 10 countries belonging to OPEC will have to produce a maximum of 25.864 million barrels per day, while the rest of the nations could pump up to 16.694 million barrels.
Source: dpa
