The Organization of Petroleum Exporting Countries and allies (OPEC+) decided this Thursday (2) after a regular meeting, to increase its production of the commodity by 648,000 barrels per day (bpd) in July, raising the previously forecast increase of 432 thousand bpd. According to the entity, the increase of 432,000 bpd planned for September will be advanced and distributed equally between July and August.
According to a statement released by the cartel, “the recent reopening of large economies that were in quarantine” was observed, in addition to the forecast that global oil refinement “increases after seasonal maintenance”.
There was no mention of the European Union’s (EU) embargo on oil imports from Russia, an ally of the group.
The cartel also reiterated the importance of countries adhering to the agreement’s compliance and compensation mechanisms by the end of next month.
The next ministerial meeting was scheduled for June 30.
Source: CNN Brasil
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