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Closed agreement to increase oil production

OPEC (Organization of the Petroleum Exporting Countries) agreed on Friday to increase oil production by about 1 million barrels a day starting in July for the group and its allies, a cartel source said. The elevation is nominal. The real increase will be lower because several countries that have recently produced less-than-expected oil will find it difficult to return to full quotas while other producers will not be allowed to fill the gap, OPEC sources said.

Ministers are meeting in Vienna to discuss the course of the production cut pact in place since last year.

At the same time, the Iraqi oil minister said OPEC must be careful before changing the deal so that supply does not exceed market demand and affects prices.
Any change could mean production exceeding demand and "leading to a drop in oil prices, harming the economies of producing countries," the ministry said in a statement.

 

July, 2018
Source: Panorama Offshore WebSite, Exame News - www.panoramaoffshore.com.br

 

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