Eight members of the Organization of the Petroleum Exporting Countries (OPEC) will increase oil production by 137,000 barrels per day in November this year. This is stated in the message published on the OPEC website.
"Eight member countries have decided to adjust production by 137,000 barrels per day from the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023," OPEC said.
The countries in question are Saudi Arabia, Iraq, the United Arab Emirates, Kazakhstan, Algeria, Oman, Kuwait, and the aggressor country russia. The adjustment of oil production will take effect from November 1
The OPEC has published an infographic that shows that Saudi Arabia and russia will increase production the most (by 41,000 barrels per day).
Photo: OPEC.
According to Bloomberg and Reuters, citing sources, during the virtual OPEC meeting held on October 5, disagreements arose between Saudi Arabia and russia over adjustments.
Saudi Arabia insisted on a significant increase in oil production (from 274,000 to 548,000 barrels per day). At the same time, russia was in favor of a moderate increase in production (137,000 barrels per day)
According to the agencies' interlocutors, moscow argued that it would be difficult for it to increase production due to sanctions and the consequences of Ukraine's regular strikes on its oil refining facilities.
As the Ukrainian News agency earlier reported, in mid-September, the russian company Transneft warned producers that it might have to cut oil production due to regular strikes by Ukrainian UAVs.
In August of this year, the International Energy Agency (IEA) published a forecast that in 2026, a record oil surplus is expected on the world market.
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