OPEC+ countries to increase oil production by 100,000 barrels per day in September
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Participants in the OPEC+ deal agreed to increase oil production by 100,000 barrels per day (b / d) in September, reported in a document published following the 31st Ministerial Meeting. It is specified that Russia and Saudi Arabia will be able to add 26,000 barrels per day.
It also follows from the document that commercial oil reserves in the Organization for Economic Development and Cooperation (OECD) in June decreased by 163 million barrels compared to the corresponding indicator for June last year and were below the average for 2015-2019. by 236 million barrels.
In 2021, the OPEC+ member countries agreed to focus on the average value of oil reserves for the period from 2015 to 2019 in the process of bringing them to the average five-year level – this was originally indicated as the goal of the OPEC+ deal. This decision is due to the fact that throughout 2020, oil reserves were at an abnormally high level. Of all the stocks, the parties to the agreement control stocks in OECD countries most carefully.
At a meeting in June, the OPEC+ countries supported the decision to increase oil production from 432,000 bpd to 648,000. The next meeting of the delegations is scheduled for September 5.
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