MOSCOW, July 5. /TASS/. Eight OPEC+ countries adhering to voluntary oil production cuts have decided to increase production in August by 548,000 barrels per day, which is equivalent to the original plan to increase production over four months, according to a statement published on the OPEC website.
The statement emphasized that this decision was made amid stable fundamentals in the oil market.
The organization noted that this increase will enable countries that exceeded production quotas during the voluntary cuts period to swiftly offset overproduction.
According to the August schedule, Russia will be able to increase oil production by 104,000 bpd compared to July, reaching 9.344 million bpd.
The next OPEC+ meeting, at which the production plan for September will be discussed, is scheduled for August 3.