OPEC + member states have agreed to increase oil production by 400,000 bpd per month from August. This is stated in a press release from OPEC.
It is noted that the OPEC + countries will seek to eliminate the current restrictions in September 2022. Thus in December, 2021 the estimation of the market is given.
Thus, from May 2022 for Saudi Arabia and Russia will increase the base of reduction of oil production from 11 to 11.5 million bpd, for the UAE – from 3.2 to 3.5 million bpd, for Iraq – from 4, 65 to 4.8 million bpd, for Kuwait – from 2.8 to 2.96 million bpd – only 1.63 million bpd.
The basis for the reduction of oil production is a parameter from which for each country is considered the necessary amount of reduction. The above countries will now be able to extract large volumes of oil under the agreement.
The next ministerial meeting will take place on September 1.
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