The Strategist

OPEC+ intends to stick to plan to increase oil production

06/01/2022 - 07:17

OPEC+ is expected to agree an increase in oil output of 430,000 barrels per day in July. Bloomberg reported this, citing members of delegations attending the upcoming OPEC+ summit.

Bureau of Land Management via flickr
Bureau of Land Management via flickr
Officials say global oil supply and demand are stable, and there have been no severe interruptions in supplies so far, so the oil alliance doesn't need to take any immediate action. The next OPEC+ meeting is scheduled for June 2nd.

Since 2017, the OPEC+ agreement has been in effect. It was renewed in 2020 and will be renewed through the end of 2022. Saudi Arabia was said to be seeking for a new OPEC+ deal in May, which would include Russia despite sanctions.

The European leaders agreed on the sixth round of anti-Russian penalties on May 31. It includes an embargo on the delivery of the majority of Russia's oil.