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The countries (OPEC Plus) agree to a small increase in oil production

2022-08-03T15:00:31.374Z

Vienna, SANA- The oil producing countries in the (OPEC Plus) alliance announced a slight increase in their crude production. quotes and



Vienna-Sana

The oil-producing countries in the (OPEC Plus) alliance announced a slight increase in their crude production.

AFP quoted a statement today by representatives of the thirteen member states of the Organization of Petroleum Exporting Countries (OPEC) and their ten partners that it was agreed to increase production by 100,000 barrels per day during the month of September.

The statement warned of a decline in investments in the oil sector, explaining that insufficient investment in the sector will have an impact on supplies to the market after 2023.

The countries of the (OPEC Plus) group meet on a monthly basis to discuss the situation in the oil market and the production strategy to make adjustments to the plan if needed.

In May 2020, the group reduced production by 9.7 million barrels per day due to the decrease in oil demand caused by the Corona epidemic, and since August 2021, the group’s production has grown by 400,000 barrels per day, and in May and June of this year, production increased by 432,000 barrels per day, and in July and August by 648,000 barrels per day.

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Source: sena

All business articles on 2022-08-03

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