30 Jun 2022 17:17

OPEC+ ministers confirm Aug production target

MOSCOW. June 30 (Interfax) - OPEC+ ministers have confirmed the August oil production quota will rise by 648,000 bpd of oil, OPEC said in press release.

The decision was reached "in view of current oil market fundamentals and the consensus on its outlook," it said.

The ministers agreed to "reiterate the critical importance of adhering to full conformity and to the compensation mechanism."

The next OPEC and non-OPEC Ministerial Meeting will take place on August 3.

OPEC+ restrictions to cut back production by 9.7 million bpd adopted since May 2020 will be exhausted by the end of August.

Saudi Arabia and Russia will be able to produce 11 million bpd of oil without condensate, while the reference bases from which their production cutbacks are calculated is 11.5 million bpd since May 2022.