Seven OPEC+ countries that have made voluntary oil output cuts in addition to their country quotas have decided to increase their production quotas by 188,000 barrels per day, Report informs, citing a statement issued following today's meeting of the group.
The countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
As a result, the total oil production quota of OPEC+ countries will stand at 36.019 million barrels per day next month.
The seven OPEC+ countries are currently returning 1.65 million barrels per day of restricted volumes to the market, taking into account the share of the UAE, which left the alliance in May. Only these changes affect the alliance's overall production level.
Under the current schedule, the countries will have to increase their September quotas by 188,000 barrels per day to fully remove these restrictions.
Since March, OPEC countries participating in the deal have been unable to raise output in line with their quotas, as Iran closed the Strait of Hormuz, through which these countries export oil to global markets, following attacks by the United States and Israel. The shortfall is estimated at around 8 million barrels per day.
However, after the United States and Iran signed a memorandum on a peaceful settlement in mid-June, Gulf countries have been significantly increasing production, although official data are not yet available.
The next OPEC+ meeting will be held on August 2.