MOSCOW, March 31. /TASS/. OPEC+ countries will restore oil production since May 2022 by a slightly revised plan by 432,000 barrels per day instead of 400,000 barrels per day as from August 2021 in view of new reference values, a high-ranking source in OPEC told TASS.
"The point is that reference value for certain members will be changed from May 1, 2022," the source said.
The OPEC+ members reached an agreement after lengthy talks and changed the base production level for several countries.
Since May 2022, the base oil production level is increased to 11.5 mln barrels per day for Russia and Saudi Arabia, to 3.5 mln barrels per day for the UAE, to 4.8 mln barrels daily for Iraq, and to 2.96 mln barrels per day for Kuwait.