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OPEC and Russian allies agreed to increase production by 400,000 barrels a day

This decision will make it possible for Russia to earn an extra of $5.4 billion in budgetary revenues in 2021-2022

OPEC and Russian allies agreed to increase production by 400,000 barrels a day

Dubai, July 19 - Neftegaz.RU. OPEC agreed on July 18 in the UAE, to boost production by 400,000 barrels a day in an effort to increase capacity before the pandemic began.
The meeting involved the 13 OPEC members and the so-called +10 under the leadership of Russia.

OPEC+ said in a statement:
  • We noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement
  • The Meeting resolved to adjust upward overall oil production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment, and in December 2021 assess market developments and participating countries’ performance
The cartel agreed in 2020 to cut a record 10 million barrels of crude a day from the market to boost prices.
It's slowly added some 4.2 million barrels back over time.

Russian Deputy Prime Minister Alexander Novak told Russia 24 after the meeting:
  • Today we made a decision for the market to restore production to a pre-crisis level
  • Russia will start increasing oil output by 100,000 barrels per day from August
  • We will reach the pre-crisis level of production in May 2022
Since autumn 2020 the OPEC + members have been meeting frequently to assess the market, the next meeting decided to hold on 1 September 2021.

Source : Neftegaz.RU


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