MOSCOW: The seven OPEC+ nations, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to increase daily o...
MOSCOW: The seven OPEC+ nations, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to increase daily oil production in July by 188,000 (on June), OPEC said after their meeting.
"In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in July 2026," it said. "The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner.
The countries that which previously announced additional voluntary adjustments agreed to continue monitoring the market situation and "in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023."
Apart from that, they agreed to compensate for the overproduced volume until the end of 2026. "They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The compensation period will be extended until the end of December 2026," OPEC said.
As follows from the OPEC table, Russia’s quota in July will stand at 9.5824 mln barrels a day, Saudi Arabia’s - 10.1353 mln barrels a day, Iraq’s - 4.378 mln barrels a day, Kuwait’s - 2.644 mln barrels a day, Kazakhstan’s - 1.608 mln barrels a day, Algeria’s - 995,000 barrels a day, and Oman’s - 831,000 barrels a day.
The next OPEC+ meeting will be held on July 5.
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