OPEC+ Seven Countries to Increase Oil Production Quota by 1.085 MBD in July
En resumen
- OPEC+ seven countries, including Saudi Arabia and Russia, will raise their oil production quota by 1.085 million barrels per day in July to 30.633 mbd.
- The group also extended the deadline for compensating for previous overproduction to the end of 2026.
Resumen generado por IA
Por qué importa
OPEC+ seven countries decided to increase oil production in July by 188,000 barrels per day relative to June levels. The group also extended the deadline for compensating for previous overproduction to the end of 2026.
MOSCOW, July 1. /TASS/. The oil production quota for OPEC+ seven countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) will increase by 1.085 mln barrels per day (mbd) in July compared to June to 30.633 mbd, according to TASS calculations.
At their latest meeting, seven leading OPEC+ nations decided to increase oil production in July by 188,000 barrels per day (relative to June levels). OPEC+ countries also extended the deadline for compensating for previous overproduction to the end of 2026, though an updated schedule has not yet been released. The previous schedule envisaged the compensation period ending in June 2026.
In light of this, the oil production limit for OPEC+ states stands at 30.633 mbd in July, compared to 29.548 mbd in June, according to TASS calculations. Thus, the authorized production volume is increasing by 1.085 mbd month-on-month.
Preguntas abiertas
- What is the updated compensation schedule?
- What are the specific production levels for each of the seven countries?
