OPEC+ further raises output in August

A view of the OPEC pavilion on COP28 land. Hannes P Albert / DPA
A view of the OPEC pavilion on COP28 land. Hannes P Albert / DPA

The central group of OPEC + Oil Cartel members increases production to 548,000 barrels per day in August, he said on Saturday.

The increase in eight states, including Saudi Arabia and Russia, increases the production of the current level by 411,000 barrels per day. The standard measurement of a barrel contains 159 liters of oil.

The decision was taken in response to the stable global economic conditions, the group said. As was the case recently, the price will be determined on a monthly basis. Adjustments are possible depending on the market conditions, producers said.

OPEC + UNIT The organization based in Vienna of oil exporting countries (OPEC) under the direction of Saudi Arabia with partners such as Russia.

Together, they are responsible for around 40% of world oil production. According to the latest group data, OPEC + produced around 40.9 million barrels per day in April.

In recent years, the eight main states of the cartel have reduced their production by 2.2 million barrels. Since April, the group has started to gradually reverse the decrease.

Under pressure from war between Israel and Iran, oil prices have recently increased.

The main countries plan to meet again on August 3 to discuss oil production for September.

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