OPEC+ decided to increase oil production

Страны ОПЕК+ решили увеличивать добычу нефти

The demand for oil is restored, I believe OPEC

After two months of record production cuts of oil members of the organization for uvidili the opportunity of market recovery.

OPEC countries at the meeting on 15 July, decided to gradually increase oil production in connection with the improvement of demand, writes Interfax.

“During the meeting of the Ministerial monitoring Committee’s two co-chairs — the energy Ministers of Russia and Saudi Arabia Alexander Novak and Prince Abdulaziz bin Salman said that the demand for oil is restored, and you can increase production, but it is an issue of compensation to States that do not fully comply with their obligations in may and June,” — stated in the message.

As noted, in may, OPEC+ fulfilled its obligations to 89%, then there is a “shortfall against money held” amounted to almost 1 million b/d in June, the deal was executed at 95%, that is, the market received the “extra” 485 thousand b/d. In the past two months — about 1.5 million b/d. According to the OPEC report, only countries of cartel have in the future in addition to their quotas to reduce production by another 1.3 million b/d. Among the worst offenders — Iraq, Nigeria, Angola, Gabon, Congo. Among the countries of non-OPEC has publicly called for only Kazakhstan.

Following the Committee meeting Prince bin Salman said that with the compensation of the reduction of oil production in August will not amount to 7.7 million b/d, and about 8.1-8.2 million b/d is the lower limit of reduction in August, and the ceiling, calculated based on data from secondary sources — 8,343 million b/d.

Their commitment to the agreement and the intention to compensate for the “shortfall against money held” confirmed Nigeria, Iraq, Angola, Gabon, Congo and is not a member of OPEC South Sudan, said in a press release.

The Committee is also waiting until the end of July graphics “debt repayment” June on the part of those countries that have not yet submitted. The next JMMC will be held on August 18.

Note, in the June UTC postavljati fell to a nine-year low.