OPEC+ will increase oil production to 411,000 barrels per day starting June 1, which represents three times the initial target.
The increase in crude oil production, according to the decision made this Saturday, May 3, and announced by OPEC, will be led by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
The statement stated: “Given the current strong market fundamentals, reflected in low oil inventories, these eight countries, a key group of the alliance comprised of the twelve OPEC members and ten allied oil-producing nations, will implement an upward adjustment of 411,000 barrels per day in June 2025.”
With this decision, the aforementioned countries “will have increased their supply by 959,000 barrels per day and thus completed, in just three months, almost half of the total planned.”
M.Pino
Source: bancaynegocios
(Reference image: Maksym Kaharlytskyi on Unsplash)
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