The OPEC logo is displayed on the mobile phone screen in front of the computer screen that displays OPEC icons in Ankara, Türkiye, on June 25, 2024.
Anadolu Anadolu Gety pictures
Eight oil producing countries in the OPEC alliance+ on Saturday agreed to raise their mass raw production by 548,00 barrels per day, as it continues to relax a set of voluntary discounts.
This sub -group of the alliance – which includes heavyweight producers Russia and Saudi Arabia, along with Algeria, Iraq, Kazakhstan, Kuwait and Oman the United Arab Emirates – met digitally earlier in the day. Its production was expected to increase by 411,000 barrels per day.
In a statement, OPEC’s Secretariat attributed the decision of the countries to raise the daily output in August by 548,000 barrels to a “fixed global economic view and the basics of the current health market, as it is clear from low oil stocks.”
The eight producers implement two groups of voluntary production discounts outside the official policy of the broader OPEC+ coalition.
One, a total of 1.66 million barrels per day, remains valid until the end of next year.
Under the second strategy, the two countries reduced their production by 2.2 million barrels per day until the end of the first quarter.
They initially began strengthening their production by 137,000 barrels per day every month until September 2026, but they did not maintain this pace in April. The group then multiplied three times to 411,000 barrels per day in May, June and July – and the pace of increases accelerated in August.
Oil prices have been strengthened shortly in recent weeks through the rise in the seasonal summer in demand A 12 -day war between Israel and IranWhich threatened both Tehran supplies and raised concerns about the possible disturbances of the supplies that are transported through the key. Hermes strait.
At the end of Friday’s session, the future oil contracts settled at $ 68.30 a barrel for Brent contract in September and $ 66.50 a barrel for the month of NYMEX WTI in the front month.
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