
Khan
@manzoorkhan
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š¢Eight oil-producing nations of the OPEC+ alliance could hike output by as much as 411,000 barrels per day in July, two OPEC+ delegates told CNBC, continuing a rapid unwinding of voluntary production cuts.
Markets are awaiting a final decision on July production, with the eight countries ā heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates ā set to review market conditions and iron out their output steps on May 31.
These nations have been carrying out two sets of voluntary production cuts.
One, totaling 1.66 million barrels per day, is in effect until the end of next year. Under the other, the countries trimmed their production by an additional 2.2 million barrels per day until the end of the first quarter. They have since agreed to gradually increase output by a combined 1 million barrels per day over April-June, including 411,000 barrel-per-day hikes in each of this and next month.
The OPEC+ delegates 0 reply
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