OPEC+ to raise July and Aug production quota by 648,000 bpd, bringing Sept increase forward

MOSCOW. June 2 (Interfax) - OPEC+ ministers have decided to raise the July and August production quota by 648,000 bpd of oil, bringing the September increase forward, OPEC said in press release.

The original plan had been to adjust upward production by 432,000 bpd in July, August and September. At today's meeting, it was decided to "advance the planned overall production adjustment for the month of September and redistribute equally the 0.432 million bpd production increase over the months of July and August 2022. Therefore, July production will be adjusted upward by 0.648 million bpd," OPEC said.

Ministers also decided to extend the compensation period until the end of December 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by June 17, 2022.

The next OPEC and non-OPEC Ministerial Meeting takes place on June 30.

Saudi Arabia and Russia will be able to increase oil production in July by 170,000 bpd compared with June, to 10.833 million bpd.