OPEC+ Will Increase The Oil Supply

OPEC+ will increase the oil supply. OPEC+ has agreed to increase global oil supply by 400,000 barrels per day as of August.

The OPEC+ group decided to increase oil production by 400,000 barrels per day per month in the August-December period. The 19th Ministerial Meeting of the OPEC+ group, consisting of 13-member OPEC led by Saudi Arabia and the energy and oil ministers of 10 non-OPEC oil producing countries led by Russia, was held via video conference. In the statement made by OPEC, decision to increase oil production by 400 thousand barrels per month in the August-December period was mentioned, and the duration of the agreement reached at the 10th Ministerial Meeting was extended from April 2022 to 31 December 2022. On the other hand, after May 2022, it has been decided that Iraq, Kuwait, Saudi Arabia, United Arab Emirates and Russia will increase their production base levels. Under the agreement, the UAE's current production quota of 3.2 million barrels/day was increased to 3.5 million barrels/day. Production quotas of Saudi Arabia and Russia increase to 11.5 million barrels from today's 11 million barrels/day. Iraq and Kuwait, on the other hand, increased their production quota by 150 thousand barrels/day to 4.8 million barrels/day and 3 million barrels/day, respectively. Within the scope of the agreement that will add 2 million barrels/day to the supply by the end of the year, OPEC+ has also extended the agreement to reduce the cuts according to the market situation from the aforementioned April 2022 to December 2022.