OPEC+ increases oil production by 411 thousand barrels

On May 31, eight OPEC+ member states — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — reached a landmark agreement to increase oil production. According to a statement published on the organization's official website, as part of the agreement, these countries will produce an additional 411,000 barrels of oil per day starting in July of this year.

During the virtual meeting, the participating countries discussed the latest situation and future scenarios in the global energy market. According to experts, this decision was made against the backdrop of global economic stability, the balance of supply and demand in the market, and low commercial oil reserves.

OPEC+ estimates this amount as "the equivalent of three months of growth." In other words, additional production in July will not be limited to 411,000 barrels, and may increase further in the future.

At the same time, the organization emphasizes that this process will remain fully flexible. If the global market situation changes, the production volume can be revised or temporarily suspended. This will allow OPEC+ to keep oil prices stable and manageable.

According to experts, this decision is a strategic step aimed at maintaining a delicate balance in the global energy sector. At the same time, in a difficult environment with pressure from the US and European countries to increase oil reserves, growing demand in China and India, and sanctions against Russia, such an agreement serves as an important signal for the market.

Thus, the OPEC+ group has once again established itself as a key “player” in global oil policy. Any movement in the market now depends on the strategic decisions of this group. Read 'Zamin' on Telegram!