[Regnum] The leading states that are part of OPEC+ have decided to increase the volume of oil produced by 137 thousand bpd due to positive fundamental figures on the market. This was announced by OPEC on September 7 after the G8 talks.
“In light of the stable global economic outlook and favourable market fundamentals, reflected in low oil inventories, the eight member countries decided to adjust production by 137,000 barrels per day (bpd), compared to 1.65 million bpd announced in April 2023,” the organisation said.
They added that the G8 would continue to meet monthly to provide timely analysis of market performance, compliance and compensation.
It is known that the next negotiations are scheduled for October 5.
On August 3, the eight members of the Organization of the Petroleum Exporting Countries Plus (OPEC+), including Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman, agreed to increase oil production in September by 548,000 barrels per day. The organization clarified that in taking such measures, the states took into account the stable outlook for the global economy and the current favorable market indicators reflected in low oil inventories.