OPEC+ intends to raise oil production targets on Sunday for the fourth time in the last four months, despite the fact that the US‑Iran conflict continues to prevent some members of the group from increasing output, Report informs, citing three sources within the organisation, as reported by Reuters.
It is noted that seven OPEC+ countries will increase their target figures by approximately 188,000 barrels per day starting from July. This is the same amount as the increase in June, but lower than the 206,000 bpd rises seen in May and April, taking into account the UAE’s withdrawal from the group.
Today’s agenda includes a meeting of the OPEC+ Ministerial Monitoring Committee, a ministerial meeting, a session of OPEC countries, and a meeting of the “Group of Seven” (Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman). According to sources, no change in the organisation’s policy is expected.
Oil production in OPEC has declined due to reduced exports from Gulf countries. According to the organisation, average production in April was 33.19 million bpd, compared to 42.77 million bpd in February.
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