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The alliance points out that these plans could be delayed or terminated based on how market conditions evolve.
OPEC+ nations observe that the rapid quota rise will allow member states to hasten the restoration of previously diminished volumes.
Nations reiterated their commitment to fully reimburse for any quantities that were not reduced. The press release did not specify when or if a new compensation timetable would be issued.
The upcoming meeting of nations to talk about August quotas is set for July 6.
In 2023, Saudi Arabia, Russia, Iraq, UAE, Algeria, Kuwait, Kazakhstan, and Oman voluntarily reduced their output by 2.2 million bpd and intended to gradually lift these restrictions until October 2026 at a pace of 130,000-140,000 bpd, starting in April. However, they have reversed their stance on this plan since May.
source: reuters.com
OPEC+ nations observe that the rapid quota rise will allow member states to hasten the restoration of previously diminished volumes.
Nations reiterated their commitment to fully reimburse for any quantities that were not reduced. The press release did not specify when or if a new compensation timetable would be issued.
The upcoming meeting of nations to talk about August quotas is set for July 6.
In 2023, Saudi Arabia, Russia, Iraq, UAE, Algeria, Kuwait, Kazakhstan, and Oman voluntarily reduced their output by 2.2 million bpd and intended to gradually lift these restrictions until October 2026 at a pace of 130,000-140,000 bpd, starting in April. However, they have reversed their stance on this plan since May.
source: reuters.com
