The eight members of OPEC+ group, comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, agreed to raise oil production by 548,000 barrels per day (bpd) in August compared to July levels, according to an OPEC statement released Saturday.
The output rise is part of a gradual and flexible rollback of 2.2 million bpd in voluntary cuts, which began on April 1. The 548,000 bpd increase corresponds to four monthly increments outlined in the group’s production plan.
Citing a steady global economic outlook and current healthy market fundamentals as reflected in the low oil inventories, the group highlighted that the increases may be paused or reversed depending on evolving market conditions. This flexibility aims to maintain oil market stability.
The next meeting of eight-member of OPEC+ group is scheduled for August 3, to decide on September's production levels.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr