Starting next September, the crude oil supply of the OPEC+ alliance, led by Saudi Arabia, will increase to 547,000 barrels per day.

The organization indicated that the measure will seek to address the constraints faced by industries starting on the 1st of next month, “thus completing the return of 2.2 million barrels per day (mbd) that it withdrew from the market in 2023.”

The increase is not surprising, as it is in line with current market requirements. Furthermore, it responds to “the stability of the global economic outlook and the current solid fundamentals” that reflect low oil inventories.

The measure was approved at a virtual meeting attended by oil ministers from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The next meeting will be held on September 7 to assess whether production levels will be adjusted again.

M.Pino

Source: correodelcaroni

(Reference image source: Delfino Barboza on Unsplash)

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