News
& Events

(OPEC +) increases production to 648,000 barrels per day next August

30-06-2022

The countries of the (OPEC +) alliance agreed today, Thursday, to increase production by 648,000 barrels per day next August. This agreement came based on the current oil market fundamentals, following the 30th ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-members of the organization via video technology, yesterday, Wednesday. This increase corresponds to the size of the increase approved last month, when production for the month of July was set at 648,000 barrels per day. The (OPEC +) decision represents a noticeable increase from the previous rates for the month of June and the previous ones by about 216,000 barrels per day. In its final statement, the (OPEC +) alliance stressed the importance of adhering to full compliance and the compensation mechanism through the member states' submission of compensation plans in accordance with the statement of the 15th ministerial meeting.