[Regnum] Eight OPEC+ countries that voluntarily comply with their commitments to limit oil production will increase production by 411 thousand barrels per day in June compared to May figures. This is stated in a joint statement on the OPEC website.
The report said that the volume of oil by which production is planned to increase in June does not exceed the previously approved plan for production growth over three months. The next meeting of OPEC+ representatives is expected to determine the production plan for July. It will take place on June 1.
OPEC's statement suggests that the decision to increase oil production rates was dictated by current "healthy" fundamental factors in the oil market, as well as low commercial reserves in the world.
The organization specifically draws attention to the fact that the increase in resource extraction may be suspended. This will depend on the current market situation.
"This flexibility will allow the group to continue to maintain stability in the oil market," the statement said.
OPEC also noted that the decision taken today will allow countries that have exceeded the agreement on reducing oil production to increase compensation for overproduction.
The eight OPEC+ countries, which include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman, meet monthly to review the current state of the oil market and the extent to which the OPEC+ deal is being implemented.