OPEC+ alliance countries hold online meeting and approve new oil production policy parameters for August this year
OPEC+ countries conducted a detailed discussion of the current situation on the global energy market and adopted an official decision regarding further oil production policy for August.
The relevant data was published on the organization's official website following the online meeting held on July 5. According to the text of the statement, seven participating countries of the agreement decided to adjust production by 188,000 barrels per day compared to the additional voluntary restrictions that were announced in April 2023.
The adopted decision provides for an actual increase in oil production volumes starting from August this year. At the same time, it is emphasized that additional adjustments introduced in 2023 may be partially or fully canceled in the future — these steps will directly depend on changing market conditions. Participants of the teleconference agreed to continue strict monitoring of the market situation and confirmed the importance of full compliance with the Declaration of Cooperation, including all additional voluntary commitments on fuel production volumes. To control compliance with the agreements, the seven OPEC+ countries are switching their work to the format of monthly meetings. The next official meeting is scheduled for August 2.
