In this way, OPEC will produce 43.955 million barrels per day from September. Saudi Arabia and Russia will account for the largest production volume, supplying 11.030 million barrels per day respectively.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, who make up the group known as OPEC+, have decided to increase their combined production by just 100,000 barrels of crude per day from September, as reported in a statement.
At the end of Wednesday’s meeting, the group of countries, including OPEC and allies such as Russia, Mexico or Kazakhstan has decided to raise the production level for the month of September 2022 by 100,000 barrels per day.
At its meeting in early June, OPEC decided to accelerate production in July and August to 648,000 barrels per day, from the previous rate of 432,000 barrels.
In this way, OPEC will produce 43.955 million barrels per day from September. Saudi Arabia and Russiawill account for the largest production volume, supplying 11,030 million barrels per day respectively.
Under the quotas in effect from September, OPEC’s ten countries will have to produce a maximum of 26.753 million barrels per day, while the rest of the countries could pump up to 17.202 million barrels.
Finally, they recalled that the OECD’s commercial oil reserves stood at 2,712 million barrels in June 2022, representing a decrease of 163 million barrels compared to the same period last year and 236 million lower than the 2015-2019 average, while emergency oil reserves have reached their lowest level in more than 30 years.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
