The OPEC+ countries has agreed to increase oil production

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.