Kazakhstan And OPEC+ Partners To Raise Oil Output In July

Kazakhstan, Russia, Saudi Arabia, Iraq, Kuwait, Algeria and Oman will increase oil production in July by 188,000 barrels per day, Orda.kz reports.

The decision was made at a virtual meeting of countries that had previously introduced voluntary production cuts to support the global oil market. OPEC+ said the current situation allows for the gradual return of additional crude volumes to the market.

The organization said the decision is linked to a stable market outlook and is aimed at maintaining a balance between supply and demand. At the same time, the countries reserved the right to revise their plans if market conditions change.

The OPEC+ Joint Ministerial Monitoring Committee will continue to monitor compliance with the agreements. The countries also agreed to hold monthly consultations and assess the market situation. The next meeting is scheduled for July 5.

Original author: Rustam Muratov

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