OPEC+ agrees to increase 100,000 barrels a day for September oil production
Now Reading
OPEC+ agrees to increase 100,000 barrels a day for September oil production

OPEC+ agrees to increase 100,000 barrels a day for September oil production

For July and August, the group had pledged to add more than 600,000 barrels a day to the market

Avatar
OPEC+meeting

OPEC+ agreed on a production increase of 100,000 barrels a day for September, giving a tight market extra supplies at a much slower pace than in recent months.

Ministers endorsed the proposal at an online meeting on August 3, delegates said, asking not to be named because the information wasn’t public.

For the month of July and August, the group had pledged to add more than 600,000 barrels a day to the market.

The 23-nation alliance would divide the increase proportionally between members, delegates said.

In recent months, with only Saudi Arabia and the UAE able to bolster production, just a fraction of the group’s promised increases have reached world markets.

The agreement is a modest indication that Riyadh and Washington are on a path toward reconciliation, coming after a visit to the kingdom last month that saw US President Joe Biden greet Crown Prince Mohammad bin Salman with a fist bump.

Read: US President Joe Biden begins Middle East tour, meets Saudi Crown Prince

Late on Tuesday, the US approved the sale of $3.05bn of weapons including Patriot missiles to the Middle East heavyweight.

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top