At the conclusion of the discussions, they announced that they will begin a gradual rise in oil production starting April 1. They reached this agreement as early as last December. The typical sales volume is projected to be 2.2 million barrels daily (bpd).
As a result, this gradual rise could be halted or terminated based on market circumstances. “This adaptability will enable the group to keep ensuring the stability of the oil market,” the announcement stated.
Members of OPEC+ also consented to make up for any excess volumes of petroleum products produced beyond the agreed limits starting from January 2024. The project is expected to be realized by June 2026.
source: reuters.com
