Desk Report,
OPEC alliance to increase oil production to stabilize global economy
The OPEC and its eight allies have decided to increase crude oil production to stabilize the global economy. The world’s largest oil producer has decided to increase oil production by 548,000 barrels per day from August. The countries in the alliance are gradually withdrawing from their plans to voluntarily reduce their supply.
OPEC alliance to increase oil production to stabilize global economy
The world’s largest oil producer alliance includes Russia and Saudi Arabia, as well as Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates. They made this decision at a virtual meeting on Saturday morning. Although it was expected before the meeting that the countries would increase crude oil production by 411,000 barrels per day.
The OPEC secretariat said in a statement that it has been decided to increase crude oil production by 548,000 barrels per day in August. This decision has been taken to stabilize the global economy and maintain the fundamentals of the current healthy market.
According to CNBC, the OPEC alliance had formulated two types of voluntary production cuts outside the official policy. Of these, 1.66 million or 1.66 million barrels of oil per day were to be reduced by the end of next year. Second, an additional 2.2 million barrels of daily production reduction by the end of the first quarter.
They planned to increase production by 137,000 barrels per day per month until September 2026. However, the countries were only able to maintain this pace in April. Then they tripled crude oil production to 411,000 barrels per day in May, June and July. However, the decision to increase production further in August was made at this meeting.
The OPEC and its eight allies have decided to increase crude oil production to stabilize the global economy. The world’s largest oil producer has decided to increase oil production by 548,000 barrels per day from August. The countries in the alliance are gradually withdrawing from their plans to voluntarily reduce their supply.
The world’s largest oil producer alliance includes Russia and Saudi Arabia, as well as Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates. They made this decision at a virtual meeting on Saturday morning. Although it was expected before the meeting that the countries would increase crude oil production by 411,000 barrels per day.
The OPEC secretariat said in a statement that it has been decided to increase crude oil production by 548,000 barrels per day in August. This decision has been taken to stabilize the global economy and maintain the fundamentals of the current healthy market.
According to CNBC, the OPEC alliance had formulated two types of voluntary production cuts outside the official policy. Of these, 1.66 million or 1.66 million barrels of oil per day were to be reduced by the end of next year. Second, an additional 2.2 million barrels of daily production reduction by the end of the first quarter.
They planned to increase production by 137,000 barrels per day per month until September 2026. However, the countries were only able to maintain this pace in April. Then they tripled crude oil production to 411,000 barrels per day in May, June and July. However, the decision to increase production further in August was made at this meeting.
