OPEC+ countries will continue to increase oil production in June

OPEC+ countries will continue to increase oil production in June

MOSCOW (RIA Novosti): OPEC+ countries in June will continue to increase production by the planned 432,000 barrels per day, the next meeting is scheduled for June 2, follows from the alliance’s communiqué following the meeting.
“Reaffirm the production adjustment plan and monthly adjustment mechanism approved at the 19th meeting of OPEC and non-OPEC countries, as well as the decision to increase total production by 0.432 million barrels per day in June 2022,” the release said.
It also says that the next meeting of the OPEC+ alliance will take place on June 2.
Russian Deputy Prime Minister Alexander Novak said that OPEC+’s decision on Thursday to continue following its planned June oil output growth reflects the alliance’s intention to maintain a balance between production and consumption of raw materials, while avoiding significant market overstocking.
OPEC+ earlier on Thursday decided to increase oil production by the planned 432,000 barrels per day in June.
“The decision taken reflects the intention of key oil producers to maintain a balance between production and consumption of raw materials, while fully satisfying the current demand, preventing significant overstocking of the market,” Novak said, quoted in a press release from the Russian government following the alliance meeting.
Also, members of the OPEC + alliance in March fulfilled an agreement to limit oil production at the level of 157%, the Russian government said following a meeting of the countries participating in the deal.
OPEC+ earlier on Thursday decided to increase oil production by the planned 432,000 barrels per day in June.
“The participants in the OPEC+ agreement follow the approved agreements – in March, the overall execution of the transaction reached 157%, while demand continues to grow. To maintain the current trend and balance the market, countries that did not fulfill their obligations in a timely manner, the compensation period was extended until the end of June 2022 “, the government said.

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