Expectations that “OPEC +” will move forward with increasing oil production

[yota691]

OPEC agrees to increase Iraq's production to 4.5 million b/d

14-05-2022 | 15:26 Source : Reuters

 

OPEC

The Iraqi News Agency quoted the representative of Iraq in the Organization of Petroleum Exporting Countries, Muhammad Saadoun, as saying today, Saturday, that the organization agreed to increase the country's oil production to 4.5 million barrels per day, starting from June.

 

Saadoun added that there is another increase during the months of July, August and September by 50,000 barrels per day for each month.

 

Data from the Iraqi Oil Marketing Company (SOMO) seen by Reuters on May 11 showed that Iraq produced 4.43 million barrels per day of crude oil in April, which is 16,000 barrels per day higher than its quota under the OPEC + agreement. for that month.

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SULAIMANI — Iraq’s representative in OPEC said on Saturday (May 14) the international oil organization has agreed to the country increasing its oil output to 4.5 million barrels per day (bpd) starting this summer, Iraqi News Agency (INA) said. 

Muhammad Saadoun, the Iraqi representative, said there will be an increase of 50,000 barrels a month during the period of July, August and September, bringing the country to the level of its reference production. 

Saadoun also said oil prices are projected to stay above $100 a barrel until the third quarter of 2022. 

OPEC +, an alliance of OPEC and non-OPEC members, decided on a gradual increase in oil production of 400,000 barrels per day for the month of March. The organization has repeatedly shown its approval for increasing oil production in Iraq. 

The country exported 4.43 million bpd in April, toping its OPEC + quota for the month, according to the State Organization for Marketing Oil (SOMO). 

(NRT Digital Media)

[steveh12]

Thank You!

[6ly410]

Iraq's representative at OPEC said the organisation had agreed to the country increasing its output to 4.5 million barrels of oil per day (bpd) starting from June, the state news agency (INA) reported on Saturday.

There will be further increases of 50,000 bpd in output in each of the months July, August and September, INA added, citing Muhammad Saadoun's statements.

Iraq pumped 4.43 million barrels per day (bpd) of oil in April, 16,000 bpd above its OPEC+ quota for that month, according to data from state-owned marketer SOMO seen by Reuters on May 11.

 

 

[yota691]

Starting from July

Representative of the organization in Iraq: OPEC agrees to a new increase in the country's production share 

2022.05.14 - 14:38

 

Baghdad - people  

Iraq's representative in the Organization of the Petroleum Exporting Countries, Muhammad Saadoun, announced, on Saturday, that OPEC agreed to a new increase in Iraq's oil quota, starting from the months of July, August and September.  

  

 

Saadoun said in a statement to the official channel, followed by "Nass", (May 14, 2022), that "the production ceiling will reach 4.5 million barrels per day in the month of June."  

  

He explained that "Iraq has the right to increase its production according to the production ceiling, and there will be another increase during the months of July, August and September by 50 thousand barrels for each month, and thus Iraq will reach the normal level of its reference production," noting that "the plans of the Ministry of Oil include a gradual increase and investment." The increase granted by OPEC.  

  

He pointed out that "it is estimated that the average oil price will remain above $100 until the third quarter of this year." 

[yota691]

 

Oil prices fall amid concerns about weak global economic growth

 

 2022-05-20 03:03

 

Shafaq News/ Oil prices fell on Friday, as investors worried that weak global economic growth and the tightening of monetary policy by the Central Bank may limit the recovery of fuel demand.

Brent crude futures for July were down 63 cents, or 0.56%, at $111.41 a barrel by 0432 GMT, while US West Texas Intermediate crude for June was down $1.36, or 1.21%, at $110.85 on its last day. As a front month.

The most heavily traded West Texas Intermediate (WTI) contract for July was down 0.82% to $108.99 a barrel.

The International Monetary Fund urged Asian economies to be aware of the indirect risks arising from monetary tightening.

Crude's gains were limited this week, with Brent and West Texas Intermediate mostly trading in a range due to the uncertain demand trajectory. Investors, worried about rising inflation and more serious measures from central banks, are working to reduce exposure to riskier assets.

Open interest in West Texas Intermediate crude futures fell to 1.722 million contracts on May 18, the lowest level since July 2016.

And in the United States, Americans are back behind the wheel, despite rising fuel prices, according to a report by the Federal Highway Administration on vehicle mileage.

On the gasoline supply front, S-Oil Co., South Korea's third largest refiner, has halted production at its No. 2 alkylation unit and related operations at its Onsan refinery due to an explosion.

The shutdown that followed Thursday night's explosion that killed one person is expected to affect Asia's already limited gasoline supplies.

Meanwhile, Iran is having a hard time selling its crude now that more Russian barrels are available.

Iran's crude oil exports to China have fallen sharply since the start of the Ukraine war as Beijing favored heavily discounted Russian barrels, leaving nearly 40 million barrels of Iranian oil stashed on tankers at sea in Asia and looking for buyers.

[yota691]

 

Oil rises with tight supplies and demand for fuel

 

 2022-05-23 00:42

 

Shafaq News/ Oil prices rose in early trading, on Monday, with support for fuel demand in the United States, tight supplies and a slight decline in the US dollar.

 

Brent crude futures rose 87 cents to $113.42 a barrel at 04:26 GMT, while US West Texas Intermediate crude futures rose 64 cents to $110.92 a barrel.

 

Peak driving season in the US traditionally begins on Memorial Day weekend at the end of May and ends on Labor Day in September, which will lead to higher fuel demand during this period.

 

The weakening of the US dollar also sent oil higher, as this made crude oil cheaper for buyers holding other currencies.

 

However, market gains were held back by concerns about China's efforts to crush COVID with lockdowns, even as Shanghai reopened on June 1.

 

The shutdown in China, the world's largest oil importer, has hit industrial production and construction, prompting steps to support the economy, including a bigger-than-expected mortgage rate cut last Friday.

 

The EU's inability to reach a final agreement on Russia's oil embargo for the invasion of Ukraine, which Moscow calls a "special operation," has also prevented oil prices from rising much more.

[yota691]

Brent crosses $113 mark again as tight supplies keep oil up

 

MAY 24, 2022

Crude oil futures rose on Monday, finding support from tight supplies that have driven fuel prices to record high levels in summer.

 

As of 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.48 (+0.43 percent) to reach $113.03 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, increased to $110.69 a barrel, up by $0.41 (+0.37 percent).

 

The price for Opec basket was recorded at $112.04 a barrel against $114.94 a barrel a session earlier, showing a decrease of 2.52 percent. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey.

 

Arab Light was available at $111.46 a barrel with an increase of 1.86 percent and the price of Russian Sokol surged to $100.70 a barrel with a 1.8 percent increase.

Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak US driving season. Refineries are typically in ramp-up mode to feed US drivers unquenching thirst at the pump.

 

The Energy Information Administration last week reported that total US motor gasoline inventories decreased by 4.8 million barrels in the week ended May 13 and stood around 8 percent below the five-year average for this time of year. Distillate fuel inventories increased by 1.2 million barrels in the week ended May 13, but remained about 22 percent below the five-year average.

 

Crude has also been underpinned as China moves toward easing lockdown measures in Shanghai, analysts said. Traders, however, are also watching reports of surging Covid-19 cases in Beijing. where officials extended an order for students and workers to stay home and will carry out more mass testing in the nation’s capital.

 

Meanwhile, news reports that US President Joe Biden and Saudi Arabia’s Crown Prince Mohammed bin Salman are working towards a meeting could put a lid on crude’s upside. Saudi Arabia has so far resisted the US calls for the Organisation of the Petroleum Exporting Countries and its allies to more aggressively boost output in response to tightening crude supplies.

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Saudi Arabia wants to include Russia in a new agreement with “OPEC +”

 

 

338 Economie 2022/05/23 18:00 Baghdad today _

follow up Saudi Energy Minister Prince Abdulaziz bin Salman announced that Riyadh hopes to reach an agreement with “OPEC +” that includes Russia, but it is too early to talk about the details of a new agreement. He said in an interview with the "Financial Times" newspaper that Riyadh hopes to "reach an agreement with "OPEC +" that includes Russia." The minister indicated that amid the instability in the market, it is premature to talk about the details of the new agreement, but that “OPEC +” will increase production “if there is demand.” He noted that politics should not interfere with the work of "OPEC +", however, to eliminate problems in the field of production and oil refining, governments should encourage investment in the field of energy.

[yota691]

“OPEC +” is committed to the oil production agreement and aims to increase it in July

Economy

2022-05-26 | 09:26

 

 

 

 

Source:

Reuters

 

204 views

 

 

Sources in "OPEC +" confirmed that the bloc is committed to the oil production agreement, which was approved last year, and aims to increase it in the month of July.

And Reuters news agency quoted six sources in OPEC + as saying that “the bloc is expected to abide by the oil production agreement approved last year during its meeting on the second of June, with an increase in production targets in July by 432,000 barrels per day, which represents a rejection of Western calls for faster increases.” production in order to curb high prices.

 

She added, "The members of the group confirm that the oil market is balanced and that the recent price increases are not related to the basic factors."

Under an agreement reached in July last year, the Organization of the Petroleum Exporting Countries and its allies led by Russia gradually reduced record production cuts by increasing by about 400,000 barrels per day each month.

[yota691]

Oil prices at their highest level in two months

 

•  Today, 14:11

 

Follow-up - Iaaa:
Oil prices rose to their highest level in two months, as Brent crude is heading towards achieving the largest weekly jump in a month and a half, supported by the possibility of the European Union imposing a ban on Russian oil and the upcoming summer driving season in the United States.
Brent crude futures for July delivery rose $0.51, or 0.43%, to $117.91 a barrel by 9:00 GMT.
But the benchmark crude is heading for a gain of about 4% this week.
US West Texas Intermediate crude futures rose $0.11, or 0.0%, to $114.20 a barrel.
US crude is also heading towards achieving a weekly gain of 0.7%.
Both benchmark contracts are heading to end the week on a high as the European Commission continues to seek the support of all 27 member states of the bloc for the proposed new sanctions against Russia, as Hungary constitutes a stumbling block.
Six sources in "OPEC Plus" told Reuters that the group is expected to abide by the oil production agreement that it approved last year during its meeting scheduled for June 2, with an increase in production targets in July by 432,000 barrels per day, which represents a rejection of Western calls. for faster increases in production in order to curb higher prices.

Source: Arabic

 

[yota691]

OPEC oil prices rise to $119 per barrel

• Time: 05/30/2022 12:28:00
•  
• Reading: 247 times

  

{Economic: Al Furat News} The prices of the OPEC crude oil basket rose, today, Monday, by more than two dollars, to record approximately 119 dollars per barrel.

And OPEC stated in a report that "the price of the OPEC basket of thirteen barrels of crude recorded 118.84 dollars per barrel," noting that "the price rose from the previous day by 2.34 dollars, after it recorded 116.50 dollars."

Oil prices rose on Monday, with the European Union seeking to ban Russian oil, which threatens to scarce supplies as demand for it rises.

The Organization of Petroleum Exporting Countries (OPEC) reference basket consists of the following: Sahara Blend (Algeria), Girasole (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabih Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sidr (Libya), Pune Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Miri (Venezuela).

[yota691]

Global Oil Prices Record A New Jump

 

05/31/2022 | 9:30 AM

The Information/Baghdad:
Oil prices jumped again today, Tuesday, after European Union leaders reached late Monday an agreement to ban 90% of Russian crude by the end of the year.
During the Asian trading hours today, US crude futures for July rose 2.81% to $118.29, while Brent crude futures rose 0.93% to $122.80 a barrel.
Contracts for August also rose, as US crude rose 2.84% to $115.42, while Brent crude rose 1.17% to $118.98 per barrel.
The European agreement ends the stalemate after Hungary initially suspended talks, as Hungary is a major user of Russian oil. finished/25 d

[yota691]

OPEC+ Cuts Global Oil Demand Forecast For This Year

By Tsvetana Paraskova - Jun 01, 2022, 8:15 AM CDT

• OPEC's technical panel has cut the oil demand forecast by 200,000 bpd for 2022.
• OPEC now sees global demand grow by 3.4 million bpd this year.
• OPEC+ is not expected to significantly raise its production cap at its meeting this Thursday.

The technical panel of the OPEC+ group has reduced its global oil demand forecast for 2022 by 200,000 barrels per day (bpd) ahead of the alliance’s meeting on Thursday, Energy Intelligence reports.

The Joint Technical Committee (JTC) held its regular meeting today to review oil market developments ahead of Thursday’s meeting of the Joint Ministerial Monitoring Committee (JMMC) that would be followed by the OPEC+ ministerial meeting, OPEC said on Wednesday, without providing details of the discussions.

According to a report for the JTC to review, global oil demand is now expected to grow by 3.4 million bpd this year, with the geopolitical situation and COVID developments cited as key risks to the forecast, Energy Intelligence reports.

Last month, OPEC revised down its global oil demand growth estimate for 2022 a second month running. OPEC said in the middle of May that oil demand would grow by 310,000 fewer barrels per day than the growth anticipated in the April report.

OPEC+ meets on Thursday, and it is widely expected to rubberstamp its moderate monthly increases in oil production when it decides output levels for July. Despite the EU ban on most Russian oil imports, the alliance is unlikely to increase production quotas more than planned, according to numerous reports of the past few days.

Some OPEC members are mulling over the possibility of suspending Russia from the OPEC+ deal that limits the amount of crude oil that each member can produce, the Wall Street Journal reported on Tuesday, citing OPEC delegates.

Suspending Russia’s role in the group could allow other members to increase oil production at a quicker pace—although there are only a few OPEC members believed to have the capacity to ramp up production as quickly as the current deal allows.

Meanwhile, Russian Foreign Minister Sergei Lavrov visited Saudi Arabia on Tuesday and met with his Saudi counterpart Prince Faisal bin Farhan Al Saud. The ministers praised the OPEC+ deal and the cooperation between Russia and Saudi Arabia in the oil market, Russia says.

[yota691]

With anticipation of its meeting .. Oil for Al Furat News: Iraq is committed to the decisions of {OPEC Plus}

• Time: 02/06/2022 11:27:42
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• Reading: 520 times

  

{Economic: Al Furat News} The Ministry of Oil confirmed that Iraq is committed to the decisions of the “OPEC Plus” alliance, hours before a monthly meeting scheduled for today, Thursday.

And OPEC Plus is an agreement that includes 23 oil-exporting countries, including 13 member states of the Organization of Petroleum Exporting Countries (OPEC), including Iraq, and this agreement was reached in November 2016 with the aim of reducing oil production to improve oil prices in the markets.
The spokesman for the Ministry of Oil, Assem Jihad, said in an exclusive statement to {Euphrates News}, that “the decisions of OPEC and OPEC Plus are a collective decision with the agreement of all, and there is a strategy that is working on, OPEC Plus to achieve the required balance between supply and demand and the stability of global markets by pumping increases to the quantities that were It was previously approved to confront the oil market crisis due to the presence of an oil surplus due to the decline in demand and caused by an abundance of supply or an oil surplus, and through the OPEC Plus agreement, the crisis facing the global market was brought under control.
He added, "As for the calculated increases approved by OPEC Plus, according to a calculated timetable, which is divided among the producing countries according to the quotas that are commensurate with their production. Usually, the OPEC Plus ministerial meeting includes reviewing and evaluating the oil market, and in light of this the appropriate action is taken."
Jihad continued, "As I mentioned, there is a strategy taken by OPEC Plus that is respected and adhered to by all producers, and Iraq is among these countries."
Reuters news agency quoted sources in the "OPEC Plus" alliance as saying that Russia may agree that the alliance will compensate for the current decline in its oil production caused by sanctions.
The sources confirmed that the participants in the monthly meeting of "OPEC Plus", today, may agree to gradually compensate for the shortfall in Russian production.
According to "Reuters"

Ammar Al Masoudi

[yota691]

“OPEC +” recommends raising production to 648,000 barrels, starting next month

2022.06.02 - 16:22

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Baghdad - people  

On Thursday, OPEC + recommended increasing production to 648,000 barrels in next July, according to two well-informed sources told "Reuters".  

  

 

  

  

An OPEC + source said, "It is very likely that the group will agree to increase oil production in the range of 600,000 barrels per day in July, which exceeds the previous monthly increases of 432,000 barrels per day."  

  

In the event that OPEC decided to increase production by 648,000 barrels in July, the approved increase would be more than the previous by about 216,000 barrels per day.  

  

The meeting of the “OPEC +” Joint Ministerial Monitoring Committee has already started at 3:19 pm Saudi time.  

  

The agency stated, quoting sources in the "OPEC +" alliance, that Russia may agree that the alliance compensate for the current decline in its oil production caused by sanctions.  

  

The sources confirmed that the participants in the monthly meeting of "OPEC +", today, may agree to gradually compensate for the shortfall in Russian production.  

  

According to "Reuters", Russia's oil production is currently about one million barrels per day less than its quota specified in the "OPEC +" agreement.  

  

The Wall Street Journal reported on Tuesday, quoting delegates from OPEC, that members of the organization were discussing the idea of suspending Russia's participation in the agreement, as Western sanctions harm its ability to increase production.  

  

Crystol Energy CEO Carol Nakhle said that there is no specific number that analysts agree on about the amount of Russian oil missing from the market, but she added that there are expectations indicating that it is at about one million barrels, which puts pressure on prices.  

  

Nakhleh pointed out that, according to reports, "OPEC +" is ready to fill any deficit that could negatively affect oil markets by generating new price hikes.  

  

In turn, the expert in the oil sector, Fahd bin Juma, expected that the "OPEC +" alliance would reach a kind of consensus to cover the decline in Russian production.  

  

He said that the increase in production by countries that have excess production capacity, namely Saudi Arabia, the UAE and Iraq, to cover the actual production, especially in light of the failure of the majority of members to achieve the targeted quotas within the “OPEC +” agreement, will lead to a somewhat decline in oil prices, but they will remain above 100. dollars per barrel, which brings greater revenues to countries and ensures price stability in the range of 100 dollars.  

  

He pointed out that the reality of the market says that there is a demand that exceeds 100 million barrels per day, especially with the high demand in America during the summer and there is a decrease in stocks.  

  

He added that the current drop in prices in the oil markets is caused by the behavior of speculators.  

  

"Arabic"  

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Iraq reveals the size of its oil production increase under the OPEC Plus agreement

Posted 22 seconds ago

 

العراق يكشف حجم زيادة انتاجه النفطي بموجب اتفاق أوبك بلس - اخبار العراق (iraqakhbar-com.translate.goog)t

 

news source /Iraqi News Agency ( INA )

 

Baghdad - INA - Nassar Al-Hajj
The Ministry of Oil revealed, today, Friday, the size of the increase in Iraq's production after the OPEC Plus group agreed to raise production in the coming months of July and August by 456,000 barrels, while it indicated the total volume of production for Iraq next month.
A spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA) that "the producing countries are closely monitoring developments in the oil market, and are reviewing reports in this regard in order to take measures to ensure the stability of high markets, and here it should be noted the differentiation between export quantities, and the prescribed quotas from Before OPEC Plus, the agreement is related to production, not export.”
He added, "The increase in production after the OPEC Plus agreement will be at a rate of 71 thousand barrels per day, which will increase Iraq's total production to 4 million and 580 thousand barrels as of next July."
He added, "It is common knowledge that the decisions of OPEC or OPEC Plus are clear to all and are taken through the ministerial meeting of the member states of OPEC and those allied with it from outside OPEC, and the decisions or agreements are unanimous."
On the possibility of OPEC Plus taking the initiative to fill the shortfall in Russian oil supplies, Jihad explained that “no country or more can compensate for the shortage experienced by global oil markets for any circumstance or reason except through OPEC Plus, and there is a moral agreement that obligates everyone to abide by the prescribed quotas. For each country, and any increase agreed upon is unanimously agreed by all OPEC Plus producing countries, including Russia.
He added, "Any uncalculated increase will reflect negatively on global markets and lead to a decline in oil prices, and what the OPEC Plus countries, including Russia, are working on is maintaining the balance between supply and demand and the stability of global markets and minimizing their effects and repercussions, and how to face these challenges and different circumstances."
He pointed out that "the oil market is a fragile market and requires dealing with it wisely, not with emotions and quick, uncontrolled or well-calculated reactions. High with a good export quantity, is better than exporting large quantities at low prices.”
He pointed out that the ministerial meeting of OPEC Plus countries will be held at the end of this month in order to review the developments of the oil market, and it may face great difficulties to compensate for the quantities that the oil markets may lose from the production of Russia.

[6ly410]

How much will Iraq's production rise from the latest OPEC Plus agreement?

Posted 1 minute ago

 

How much will Iraq's production rise from the latest OPEC Plus agreement? - Iraq news (iraqakhbar-com.translate.goog)

 

news source /Mawazine News

political
|  
06:07 – 03/06/2022

Baghdad - Mawazine
News
, the Ministry of Oil revealed
today, Friday, the size of the increase in Iraq's production after the OPEC Plus group agreed to raise production
in the coming months of July and August by 456,000 barrels, while it indicated the total volume of production for Iraq
next month.
A spokesman for
the Ministry of Oil, Assem Jihad, said, “The producing countries are closely monitoring developments in the oil market,
and are reviewing reports in this regard in order to take measures to ensure the stability of
high markets, and here it should be noted the differentiation between export quantities and the quotas established by OPEC
Plus. It is about production, not export.”
He added,
"The increase in production after the OPEC Plus agreement will be at a rate of 71 thousand barrels per day, which is
It will increase Iraq's total production to 4,580,000 barrels as of next July."
He added,
"It is common knowledge that the decisions of OPEC or OPEC Plus are clear to all and are taken through the
ministerial meeting of the member states of OPEC and those allied with it from outside OPEC, and the decisions or agreements are
unanimous."
On the possibility
of OPEC Plus taking the initiative to fill the shortfall in Russian oil supplies, Jihad explained that “no
country or more can compensate for the shortage experienced by global oil markets for any circumstance or
reason except through OPEC Plus, and there is a moral agreement that obligates everyone to abide by the prescribed quotas.
For each country, and any increase agreed upon is unanimously agreed by all OPEC Plus producing countries
, including Russia.
He continued that
“Any uncalculated increase will reflect negatively on global markets and lead to a decline
in oil prices, and what the OPEC Plus countries, including Russia, are working on is maintaining the balance between
supply and demand and the stability of global markets and minimizing their effects and repercussions, and how to face these challenges and different circumstances.”
He pointed out that " the oil market is a fragile
market and requires dealing with it wisely, not with emotions and
quick, uncontrolled or well-calculated reactions. High with a good export quantity, is better than exporting large quantities at low prices.” He noted that the meeting
The ministerial meeting for the OPEC Plus countries will be held at the end of this month in order to review the developments of the oil market, and
it may face great difficulties to compensate for the quantities that
the oil markets may lose from the production of Russia.” Ended 29 / h

 

 

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OPEC sets Iraq's oil production quota for next July

Posted 3 minutes ago

 

OPEC sets Iraq's oil production quota for next July - Iraq News (iraqakhbar-com.translate.goog)

 

news source /noon agency

 

Today, Saturday, the Organization of “OPEC” announced that the share of Iraq’s oil production will reach 4.580 million barrels per day during the month of July, after OPEC + agreed to increase 648,000 barrels per day.

The organization stated in a table, that “the production share for Iraq for the month of July was set at 4.580 million barrels, an increase of 71 thousand barrels per day over the month of June, which amounted to 4.509 million barrels per day, and an increase of 119,000 barrels per day over last May,” indicating that “Iraq came The second largest producer in the organization after Saudi Arabia and the third largest producer in OPEC + after Saudi Arabia and Russia.”

She added, "The production of Saudi Arabia and Russia was set at 10.833 million barrels per day for each of them during the month of July, an increase of about 170,000 barrels per day from the current month of June, and the UAE's production share increased by 70,000 barrels per day, to reach 3.127 million barrels per day during the month." next.”

She noted that Kuwait set its production at 2.768 million barrels per day, and Algeria's production at 1.039 million barrels per day.

She noted that "the share of OPEC from the increase scheduled in July will amount to 412 thousand barrels to reach 25.864 million barrels per day, while the share of allied with OPEC will reach 236,000 barrels to reach 16.694 million barrels per day."

And OPEC + agreed during its meeting last Thursday to increase its oil production for the month of July by more than 648,000 barrels per day and the same for the month of August.

 

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