OPEC+ will significantly increase oil production again, seeking to increase its market share.
It is noted that the countries held an online meeting against the background of increasing US pressure on India to stop purchasing Russian oil. In a statement following the meeting, OPEC+ cited favorable economic conditions and low oil reserves as the main reasons for its decision.
The move completed the process of abandoning oil production cuts by OPEC+. The group, which produces about half of the world’s oil, has been cutting production for several years to support oil prices, but this year it changed course.
Thus, in April, eight countries began to increase production, first increasing it by 138 thousand barrels per day. This was followed by an even greater increase – by 411 thousand barrels per day in May, June and July.
The countries agreed to hold the next meeting on September 7 to review the state of the market.
