HomeMediaLatest NewsThe OPEC+ countries has agreed to increase oil production

The OPEC+ countries has agreed to increase oil production

02 June 2022

Salikhov Marcel R. President, Principal Director on Economic Studies, Head of the Economic Department

Marcel Salikhov, President of the Institute for Energy and Finance, commented to The Bell on the OPEC+ decision.

At the monthly meeting in Vienna, the OPEC+ organization made a sensational decision - contrary to all expectations, exporters decided to accelerate production growth by one and a half times in July-August 2022. The planned increase was to be 432,000 barrels per day (b/d) - and it rose to 648,000 by the end of the meeting.

“The decision, of course, should have a downward effect on prices, but everything will depend on how much production in OPEC actually increases,” Marcel Salikhov told The Bell.

On the first unofficial news about the OPEC + decision, oil fell by $4, but after the ministerial meeting it recovered to $117 per barrel of Brent.
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