The logo of the Organization of Petroleum Exporting Countries (OPEC) is seen at its headquarters in Vienna on June 3, 2023. Credit: AFP
Saudi Arabia, Russia and five other key members of OPEC+ agreed in an online meeting Sunday to boost oil production by 188,000 barrels a day from September, against a backdrop of disruption caused by the Mideast war.
“The seven participating countries decided to implement a production adjustment of 188 thousand barrels per day,” they said in a joint statement.
The increase, decided by the key countries in the enlarged Organisation of the Petroleum Exporting Countries, was widely expected by analysts.
“OPEC+ has finished unwinding its voluntary cuts. The next challenge is managing the surplus that could emerge as export flows normalise,” said Jorge Leon, analyst at Rystad Energy.
