Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman participated in a virtual meeting last Sunday, during which they agreed to increase oil production by 188,000 barrels per day next month.  

This marks the fourth consecutive month that OPEC+ has increased its production, “despite the United Arab Emirates’ departure from OPEC on May 1 and the dissolution of the broader OPEC+ alliance.”

The adjustment announced by these seven OPEC+ countries is part of their “collective commitment to support oil market stability,” according to a statement.

A meeting of these seven countries is scheduled for July 5 to make further decisions. However, they have indicated that they will maintain full flexibility to adjust their production according to market conditions.

M.Pino

Source: xinhuanet

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Ecuador’s oil production could increase by 2,411 barrels per day between the end of April and the beginning of May of this year, according to the government, after reaching 459,743.34 barrels per day last Sunday.

Of this figure, 363,789.35 barrels came from Petroecuador and 95,953.99 barrels from private companies, according to data from the Hydrocarbons Regulation and Control Agency.

Ecuadorian authorities anticipate “increased exploration activity, well testing, and the stabilization of production at wells such as Yuralpa-36 HST1, Shushufindi-223, and Tigüino-26.”

Specifically, the Yuralpa well, located in the Amazonian province of Napo and operated by Petroecuador, “will contribute approximately 678 barrels per day, while Shushufindi-223, in the Amazonian province of Sucumbíos, will add around 1,010 barrels per day. Meanwhile, Tigüino-26, located in Orellana and operated by the private company Petrobell, will contribute 723 barrels per day.”

M.Pino

Source: bancaynegocios

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La entrada Ecuador’s government expects to increase oil production by 2,411 barrels per day apareció primero en Bitfinance.