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The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July.
According to an OPEC statement, the 29th OPEC and non-OPEC Ministerial Meeting decided to advance the planned production adjustment for September and “redistribute equally” the 432,000 bpd output increases for July and August.
According to the statement, Thursday’s meeting noted “the most recent reopening from lockdowns in major global economic centers” and the expected capacity increase of global refinery after seasonal maintenance. The participants also “highlighted the importance of stable and balanced markets for crude oil and refined products.”
Oil rose on the news to $117 a barrel as analysts said the real production boost would be insignificant as most OPEC members except for Saudi Arabia and the United Arab Emirates are already pumping at capacity. Earlier this year, oil came close to an all-time peak of $147 in 2008.
In a technical report seen by Shafaq News Agency, OPEC reported that for July 2022, “the required production for Iraq is 4.580 million bpd, 71,000 bpd more than June.”
Saudi Arabia and Russia’s share was set at 10.833 million bpd each, an increase of about 170,000 bpd from June, while the UAE’s production share increased by 70 thousand barrels per day to reach 3.127 bpd.
It is worth noting that currently, the Organization has 13 Member Countries, Algeria, Angola, Congo, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
