7 countries that are members of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, decided to increase production by 188 thousand barrels per day in June, within expectations.
The Group regularly reviews market conditions, production compliance and compensation processes every month.
ONLINE MEETING WAS HELD
In the statement made by OPEC, it was reported that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman held an online meeting to evaluate global market conditions and outlook.
VOLUNTARY PRODUCTION CUTS DISCUSSED
It was stated that the voluntary production cuts of 1.65 million barrels per day announced in April 2023 were discussed at the meeting.
In the statement, it was noted that these countries decided to make a production adjustment of 188 thousand barrels per day as of June, within the scope of their joint commitment to support stability in the oil market and the additional voluntary cuts announced in April 2023.
The statement also emphasized that the decision could be stopped or reversed depending on market conditions.
It was announced that the next meeting of the group will be held on June 7.
“CONTINUE ON THE ROAD” MESSAGE DESPITE THE SEPARATION OF THE UAE
The decision of the United Arab Emirates (UAE) to leave the group as of May 1 was considered a significant break within OPEC +.
Despite this, the decision taken at today’s meeting shows that the group is determined to continue its current production policy.
