Eight countries in the OPEC+ group have agreed to increase daily oil production by 137,000 barrels. This was announced on the official website of the organization.
According to OPEC+, the decision is related to favorable market conditions and low levels of oil reserves. The organization also confirmed its intention to fully compensate for any surplus production starting from January 2024.
Countries that are members of OPEC+ hold monthly meetings to analyze market conditions and discuss requirements and compensations. This decision is expected to come into force from December of this year.
Additionally, the oil cartel stated that it does not plan to increase oil production during January-March of this year. OPEC+ accounts for up to 50 percent of global oil production.
The group includes Algeria, Kazakhstan, Kuwait, Iraq, Russia, Saudi Arabia, the United Arab Emirates, and Oman. Two years ago, the organization reduced oil production in order to stabilize the market.
In April of this year, however, the cartel began gradually increasing crude oil production.
