OPEC+ Member 8 Countries will go to 411 thousand barrel production increase in July – Cyprus Newspaper

OPEC+ Group member of the Organization of Petroleum Exporting Countries (OPEC) and some non -OPEC producer countries decided to increase oil production by 411 thousand barrels per day in July compared to the previous month.

In a statement made by OPEC, 8 OPEC+ consisting of Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman were gathered online to evaluate the market conditions.

In line with the stable global economic appearance and the pointing to the healthy market foundations of low oil stocks, the increase in production of the group was based on the decision taken on December 5, 2024.

Accordingly, the countries in question, as of April 1, the daily implementation of the daily 2.2 million barrel voluntary interruptions as a part of the process of termination and flexible termination, as a part of the previous month in July 411 thousand barrel production will increase.

411 thousand barrels of daily increase in the 3 -month -old increase in the statement pointed out that the total increase, the group’s increases can be stopped depending on market conditions can be stopped or reversed recorded.

The next meeting of the group will determine the production level of August on July 6.