VIENNA, July — OPEC+ countries agreed on Sunday to raise the oil production cap in August by 188,000 barrels per day (bpd) from July levels, according to a statement published after a virtual meeting of OPEC+.
The decision was announced following the meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which reviewed global market conditions and outlook.
In their collective commitment to supporting oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023, the statement said, adding that the adjustment will be implemented in August.
The voluntary production cuts of 1.65 million bpd were first announced in April 2023 and were later extended through the end of 2026.
The decision made on Sunday marks the fifth consecutive month for the OPEC+ to ramp up its production, in spite of the exit of the United Arab Emirates from the OPEC and the wider OPEC+ alliance on May 1. According to the statement, the seven countries would flexibly adjust their production regarding the evolving market conditions.
They are scheduled to meet again on August 2 to make further decisions for September. (Namibia Daily News / Xinhua)
