On Sunday, July 18, a meeting of the Organization of Petroleum Exporting Countries was held.
The result of the event was an agreement between representatives of the OPEC+ format to increase the production of black gold.
Relevant information on the official website of the association.
It is noted that the daily volume of minerals produced will be increased by 2 million barrels.
This is planned to be done before the end of this year.
In addition, the agreement has been extended until the end of next year.
Another outcome of the meeting was an agreement to gradually increase black gold production (by 0.4 barrels per day) until the market returns to 5.8 million barrels per day.
According to preliminary forecasts, this should happen in the fall of 2022.
Quotas for individual countries
It is worth noting that representatives of the OPEC+ format have established new quotas for the volume of oil produced.
For some countries this figure will increase.
If for the Russian Federation it previously amounted to 11 million barrels per day, now it will be at the level of 11.5 million.
A similar decision was made regarding Saudi Arabia.
For the United Arab Emirates the quota will be 3.5 million, for Iraq – 4.8 million, and for Kuwait – 2.96 million.
