Saturday, July 02, 2022   22:37:20
2022-05-07
OPEC+ Holds on to Output Growth Plan for June

TEHRAN (NIOC) _ The 23 members of the Organization of THE Petroleum Exporting Countries and its allies (OPEC+) agreed at their 28th meeting to add 432,000 barrels to the group’s daily crude oil output in June.


According to the decision of today (Thursday, May 5) of the meeting of the OPEC+ ministers, which lasted less than 15 minutes, the crude oil production of the member countries will increase by 432,000 barrels per day in June.

At their 19th meeting in July, OPEC and its allies agreed to increase production by a total of 400,000 barrels per day each month to end the supply limit of 5.8 million barrels per day, a decision that has been in place since August
.


In response to the collapse in demand at the height of the Covid-19 outbreak, OPEC+ cut its production by 9.7 million barrels per day in May 2020, equivalent to about 10 percent of global demand, but has since facilitated supply constraints
.


The members of this coalition decided to hold the twentieth meeting of the OPEC+ on June 2
.


 




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