Monday, June 17, 2024

OPEC Plus keeps production growth unchanged in August


On Thursday, the Federation of OPEC Plus Oil Exporting Countries increased production to 648,000 barrels per day, scheduled for August, unchanged from last month’s approval.

At an earlier meeting of the Allies on June 2, they decided to increase production by 648,000 barrels per day instead of 432,000 barrels per day in July and August.

OPEC Plus also promised a gradual increase in production to 400,000 barrels, which dramatically reduced its production in 2020 as a result of the Govt epidemic, which reduced demand for oil and led to lower oil prices.

The group revised its planned increase in May to reach 432,000 barrels per day under its 2020 agreement, which expires in September this year.

OPEC said in a joint statement on its website that its decision came in the light of market fundamentals, namely supply and demand and consensus on its future outlook.

The OPEC group’s 23-nation production schedule shows that Saudi Arabia’s production in August was 11 million barrels per day. In November 2018, Saudi Arabia pumped 11 million barrels of oil a day, according to a joint data effort called “JODI”, which collects data from oil-producing countries that are members of international organizations, including OPEC.

OPEC and non-OPEC countries, including Russia, meet on August 3 to review the monthly production policy.

(Producer: Contact Reem Shamsedine, [email protected])

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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