The Organization of Petroleum Exporting Countries (OPEC) and its allies under the aegis of OPEC+ have agreed to increase oil output by 188,000 barrels per day (BPD) from July.
This development was contained in a statement issued on Sunday, stating the decision was made during a virtual meeting of oil ministers from key OPEC+ countries, including Algeria, Iraq, Kazakhstan, Kuwait, Oman, Saudi Arabia and Russia.
The statement reads as follows: “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.
“The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
“The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).”
The group said the hike was “to support oil market stability” as well as “to accelerate their compensation".
More details later.
