Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
VIENNA, July 6 (Xinhua) — OPEC countries announced on Saturday they will increase oil production by 548,000 barrels per day in August, a faster pace than in July.
In July, OPEC countries announced an increase in oil production by 411,000 barrels per day as part of a plan to gradually unwind the latest level of production cuts.
The decision was taken on Saturday during a virtual meeting where the countries involved, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, reviewed global market conditions and prospects, the organization said in a statement on its website.
The adjustment was made taking into account “the stable global economic outlook and current healthy market fundamentals, as reflected in low oil inventory levels,” the statement said, adding that the gradual ramp-up could be suspended or reversed depending on changing market conditions.
The 2.2 million bpd production cut, originally announced in November 2023, was implemented in the first quarter of 2024. Since then, the cut has been extended several times, until the first quarter of 2025. –0–
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