OPEC+ agrees to raise September output target by 100,000 bpd

OPEC+ has agreed to raise its September oil output targets by 100,000 barrels per day, Report informs, citing Reuters.

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Ministers of OPEC+ member states will hold another meeting in the videoconference format on August 3 to define oil production levels for September, Report informs, citing TASS.

OPEC+ nations have been gradually increasing output up to 400,000 barrels per day since August 2021. The plan was slightly revised at a ministerial meeting on March 31, which envisaged the increase of production to 432,000 barrels per day from May to June 2022, However, at the meeting on June 2, OPEC+ nations decided to speed up the rates of production growth to 648,000 barrels per day in July and August, Thus, the member states are expected to bring the level of the daily production to the pre-pandemic level.