Crude oil pumping will increase to 548,000 barrels per day starting August 1, according to a decision by OPEC+.

The measure was agreed upon by 22 members of the Saudi-led organization through a virtual meeting last Saturday, July 5.

In an official statement, OPEC+ announced the increase in crude oil production to 548,000 barrels per day, “a volume 137,000 bpd higher than the previous three months and what was expected in the markets.”

OPEC+ has dismissed criticism of the measure and justifies opening the taps to increased production by expressing optimism regarding supply and demand in the coming months.

M.Pino

Source: primicia

(Reference image: Gerhard Crous en Unsplash)

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