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Source:
AL24 News
OPEC+ plans additional oil output
OPEC+ announced that it is expected to approve today, Sunday, an increase in oil production of approximately 188,000 barrels per day starting in September, with no additional increases in production thereafter. The increase aims to gradually phase out the 1.65 million barrel per day cut agreed upon in 2023, while maintaining the 2022 reductions estimated at around two million barrels per day until new quotas are set following a review of production capacities in 2027. The coalition is also expected to halt the production increases for the rest of the year to discuss the new quotas, amid pressure from some members, such as Iraq, to obtain higher quotas to reflect their larger production capacities.
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