finance
OPEC+ to Raise Output Quotas by 188,000 Barrels per Day in August While Keeping Part of 2023 Cut in Place
Seven core OPEC+ members will add 188,000 barrels per day to production targets starting next month. The step continues five straight months of increases as Brent crude prices sit near $72 a barrel.
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OPEC+ agreed during an online meeting to increase production quotas by 188,000 barrels per day beginning in August, New York Post reported. The move adds to similar quota increases already implemented for June and July. The seven core members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman—have raised output targets by almost 800,000 barrels per day from April through July.
The August decision marks the fifth consecutive month of such increases. Group output fell to 33.13 million barrels per day in May from 42.77 million barrels per day in February after the US-Israeli war on Iran closed the Strait of Hormuz to tanker traffic. A memorandum of understanding between Washington and Tehran has since helped reopen the strait.
Brent crude prices traded around $72 per barrel on Friday, down from recent peaks above $120 per barrel. The United Arab Emirates left the group in late April. From August the seven core members will still have roughly 379,000 barrels per day of the original 2023 cut left to return to the market, according to Reuters calculations cited by New York Post.
OPEC+ is scheduled to meet again on August 2.
