OPEC+ Increases Production by 137,000 Barrels per Day

The eight member countries of the OPEC+ group, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, decided to adjust production by increasing it by 137,000 barrels per day from the total additional voluntary adjustments of 1.65 million barrels per day announced in April 2023. This adjustment will take effect next November.اضافة اعلان

According to the Saudi Press Agency, the decision came after a virtual meeting of the member countries on Sunday to review developments in the oil market and its future prospects, as well as the decline in global oil inventories.

The group indicated that the 1.65 million barrels per day reduction could be gradually restored, either partially or fully, depending on market conditions.