Economic

OPEC+ Likely to Increase Oil Production Quotas

IranGate
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OPEC+ Likely to Increase Oil Production Quotas

OPEC+ is likely to increase oil production quotas

Seven members of OPEC+, including Saudi Arabia and Russia, will decide on oil production quotas for August in an online meeting on Sunday, and it is expected that they will agree to increase production.

Analysts predict that this increase will be about 188,000 barrels per day, although the actual production of some members remains below the set quotas.

According to the French news agency, with reduced tensions in the Persian Gulf and improved OPEC+ oil exports, production is gradually increasing. However, analysts warn that a full return of supply will take time, and the group still faces the risk of oil price drops and disagreements among members over production quotas.

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