OPEC+ countries decided to increase oil production quotas in September by 100,000 b/d
05 August 2022
OPEC+ ministers decided to increase oil production quotas in September by 100,000 barrels per day, Interfax reported on Wednesday, citing a source in one of the delegations.
The ministerial meeting was held the day before via videoconference.
The OPEC+ Ministerial Monitoring Committee recommended increasing oil production quotas in September by 100,000 barrels per day, although prior to its meeting, the main option was to maintain quotas at August levels.
Thus, in the event of such an increase in the quota, Saudi Arabia will be able to increase production by 25 thousand b/d each, the UAE - by 8 thousand b/d. These are one of the few OPEC countries that have the capacity to increase oil production.
As of June, OPEC+ countries are about 2.8 million b/d behind their target production plan.
After the announcement of the OPEC+ decision, the price of Brent crude fell sharply from $102 per barrel to $96. At the same time, analysts expect that the organization's plans in the near future will not be strongly influenced by price changes, since despite the agreement reached, the oil cartel may not technically cope with the task of increasing oil production.
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