OPEC Plus has announced an increase of oil production of 411 thousand barrels per day from June
The 8 member states of the OPEC Plus Group have agreed to increase the supply of 411 thousand barrels per day per month, in line with expectations and after a similar increase in the last month.
This is the latest stage in the planning plan to gradually dispose of the product applicable product reductions.
Eight countries announced the addition of additional voluntary amendments in April and November 2023, Saudi Arabia, Russia, Iraq, Emirates, Kuwait, Kazakhstan, Algeria and Oman, and today they met as a default to review the global market conditions and expectations.
A press release released by OPEC “reflects the reduction of oil stocks in the light of the current proper market fundamentals, and accepted on December 5, 2024, according to the decision on December 5, 2024, to launch the gradual and comfortable returns of 2.2 million barrels per day from April 1, 2025, to launch the production of eight countries to eight countries.
This amendment is equivalent to a monthly increase, “This gradual growth can be temporarily discontinued or canceled according to market conditions. This flexibility group allows you to continue to support the stability of the oil market …
Eight “OPEC Plus” countries also suggest that this measure provides the opportunity to accelerate their compensation to the participants.
At a fifty -fourth meeting held on April 3, 2024, eight countries, including additional voluntary production amendments agreed to oversee the Joint Minister’s supervision committee, confirmed their mass commitment to achieve cooperative statement. It has also confirmed the intention of fully replacing additional production from January 2024.
The announcement asserted that eight countries will hold monthly meetings to review market conditions, consent and compensation and meet on July 1 to determine July production levels.
The OPEC Plus Group, 13 members of the OPE Oil Organization (OPEC) and 10 are 10 other major manufacturing countries from the outside of the company.
The decision to increase the supply, along with American customs duties, contributed to the pressure on oil prices, to land less than $ 60 per barrel, its lowest level in 4 years.
In the session of oil fell by more than one percent, markets were vigilant to increase OPEC plus equipment, but the fears of the economic slowdowns caused by the United States and China, and experts, experts to meet demand for growth this year.
Brent crude futures declined to barrel to $ 61.29, or 1.4 percent or 1.4 percent.
“In addition to Russia, this commitment seems to be the center of primary focus,” said Halima Kraft, in RBC Capital markets.
Opec Plus is decreasing, which produces more than 5 million barrels per day and many cuts are applied until the end of 2026.
