The Organization of the Petroleum Exporting Countries (OPEC) and their allies, who together form the group known as OPEC+have decided to raise only in 100,000 barrels of crude oil per day their joint production starting next month Septemberas stated in a statement, after holding a meeting.
Following the meeting held on Wednesday, the group of countries, which includes OPEC and allies such as Russia, Mexico or Kazakhstan decided to adjust the production level upwards by 100,000 barrels per day for the month of September 2022.
at your meeting from the beginning of JuneOPEC+ has decided to accelerate the increase in its production during the months of July and August to 648,000 barrels per day, against the previous rate of 432,000 barrels.
Thus, from September, OPEC+ production will be 43.955 million barrels per day. Saudi Arabia and Russia will take on the largest production volume, as they are the largest exporters, with supply of 11.030 million barrels per day, respectively.
According to the quotas in force from September, the 10 countries belonging to OPEC will have to produce a maximum of 26.753 million barrels per day, while the rest of the nations could pump up to 17.202 million barrels.
On the other hand, ministers warned that limitations on the availability of excess capacity require it to be used with great caution in the face of supply interruptions, adding that chronic underinvestment in the oil sector has reduced capacity surplus throughout the value supply chain. .
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“Insufficient investment in the ‘upstream’ sector (exploration and production) will affect the availability of adequate supply in a timely manner to meet growing demand beyond 2023,” they warned.
They also recalled that the level of commercial oil reserves in the OECD stood at 2,712 million barrels in June 2022, which implies a reduction of 163 million units compared to the same period last year. and 236 million below the 2015-2019 average, as emergency oil reserves hit their lowest level in more than 30 years.