The Organization of the Petroleum Exporting Countries (OPEC+) has approved an additional 137,000 barrels per day (bpd) increase in oil production starting in October, Bloomberg reported on September 8.
The decision was made by members of the cartel in a virtual meeting that lasted just eleven minutes. The increase in production is the first part of a large tranche of 1.65 million bpd of supply that was supposed to be maintained until the end of next year.
A statement released by OPEC+ after the meeting said the cartel would gradually restore all or part of the 1.65 million bpd. The period or steps for restoring the above-mentioned production volume were not specified.
Delegates privately provided more details, saying that supplies would be added monthly until September next year. The next meeting will be held on October 5.
Bloomberg writes that the cartel hopes that further increases in sales volumes will compensate for any losses to revenues from lower prices. This indicates a change in the strategy that OPEC+ has followed since its creation.
As the Ukrainian News agency earlier reported, in August, Reuters wrote, citing its own sources, that in September this year OPEC+ may increase oil production by 550,000 barrels per day.
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