OPEC+ reaches preliminary agreement on minor oil output increase
OPEC+ major members led by Saudi Arabia and Russia have reached a preliminary agreement to raise September oil production targets by 188,000 barrels per day.
Major member states of the OPEC+ alliance have reached an agreement in principle to implement a modest increase in crude oil production quotas for September, according to delegate sources.
Under the proposed plan, seven participating nations led by Saudi Arabia and Russia are expected to raise their collective production target by 188,000 barrels per day next month. The adjustment would effectively complete the planned restoration of output reductions that were initially enacted in 2023.
The small supply increase is expected to offer the group additional operational flexibility to adjust output further depending on market conditions following conflicts in the Middle East. Delegates indicated that ministers will finalize the quota adjustments during scheduled upcoming consultations.
Sources: Investor.bg