OPEC+ agrees to boost oil production by 648,000 bpd in July

02/06/2022 Argaam

OPEC logo

OPEC+, which comprises OPEC and its allies, agreed to increase oil production by 648,000 barrel per day (bpd) in July.
 

During the 29th cartel's ministerial meeting, the compensation period was extended for producers till the end of December, 2022, due to requests from low-performing countries.
 

The decision to boost oil output came despite earlier expectations that the cartel would commit to its policy of boosting supplies by 432,000 bpd.
 

Reuters earlier cited a source as saying that Russia may agree to compensate OPEC+ for the current decline in its oil output due to sanctions imposed against it due to Ukraine invasion.
 

OPEC+ next meeting is scheduled to be held on June 30.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read