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Russia and Saudi Arabia to increase oil pumping in summer

association of exporting countries petroleum (OPEC) and its allies, the grouping known as OPEC+, have decided to increase their combined…

By admin , in news , at June 2, 2022

association of exporting countries petroleum (OPEC) and its allies, the grouping known as OPEC+, have decided to increase their combined crude oil production by 50% to 648,000 barrels per day starting next July, according to a statement. Is.

At the end of Thursday’s meeting, the grouping of countries, which includes OPEC and allies such as Russia, Mexico or Kazakhstan has decided to “carry forward the planned global production adjustment for the month of September” and equally redistribute the planned 432,000 barrel increase between the months of July and August, thus limiting supply to 648,000 barrels per day from July. adjusted to .

In this way, the cartel partly aggregates market demands and takes into account the effect on demand for the reopening of some of the main world economic centers after the recent sanctions, both in terms of stable and balanced markets for crude. importance is highlighted. and for refined products.

Thus, OPEC+ production by July would be 43.206 million barrels per day, as against 42.558 million barrels in June. Saudi Arabia and Russia will assume the largest volume of production with the offer 10,833 million barrels per dayrespectively.

As per the quota implemented till June, the ten countries belonging to OPEC will have to produce a maximum of 26.276 million barrels per day, while the rest can pump up to 16.930 million barrels.

On the other hand, the ministers of OPEC+ countries have agreed to meet again on 30 June.

Russia and Saudi Arabia to increase oil pumping in summer

2022-06-02 14:22:42