OPEC+ Members To Increase Petroleum Products To July And August

OPEC+ Members To Increase Petroleum Products To July And August

June 3, 2022, 7:24 a.m.

OPEC+ member-states made the decision on the uniform redistribution of the 432,000 barrels/day September quota to July and August, according to the final communique posted on the OPEC website.

Oil production in each of July and August will grow by 648,000 barrels, according to the document.

The meeting also resolved to "extend the compensation period until the end of December 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by 17 June 2022," as indicated in the communique.

The overall oil production level of OPEC+ countries can grow to 43.2 mln barrels per day.

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