OPEC+ announced an increase in its crude oil supply of 188,000 barrels per day starting in September, following an agreement reached at the organization’s fourth meeting on Sunday, August 2.

In this regard, the seven member countries – Algeria, Iraq, Kuwait, Saudi Arabia, Kazakhstan, Oman, and Russia – decided to continue their “policy of commitment to market stability by implementing upward adjustments that have added 940,000 barrels per day to the quotas, equivalent to almost 1% of global demand, since the price war began on February 28.

OPEC+ approved the further increase in its supply considering the geopolitical crisis in the Strait of Hormuz, which has triggered blockades on the distribution route in addition to low international reserves.

The organization’s delegates hope that production quotas will remain stable until the end of the year, “in accordance with plans to keep a third layer of inactive supply frozen after it was disconnected in 2022.” However, these forecasts could be altered depending on global market circumstances.

M.Pino

Source: elperiodicodelaenergia

(Reference image source: Maria Lupan on Unsplash)

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