Algiers: The OPEC+ coalition has reached a decision to elevate oil production by 548,000 barrels per day (bpd) starting in August. This announcement was made by the Algerian Ministry of Energy following a ministerial videoconference.
According to Kuwait News Agency, the videoconference, which marked the conclusion of discussions among eight member countries, highlighted changes in oil output levels initiated in April 2023. The meeting included energy and oil ministers from Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan, and Algeria.
The primary focus of the meeting was the assessment of global oil market developments and the short-term outlook. Discussions also centered on maintaining voluntary output cuts. The eight OPEC+ members are set to reconvene on August 3 to further discuss their strategies and commitments.