OPEC+ Unwinds Output Cuts Amid Global Demand Surge
OPEC+ is reversing production cuts, with eight countries increasing oil output by 411,000 barrels per day in July. The group has gradually raised production since April, contributing 1.4 million barrels per day so far. Plans are underway to unwind the remaining cuts by October end to meet global demand.
The OPEC+ coalition, comprising major oil-producing countries, is beginning to ease its production restrictions. In July, eight member nations will ramp up oil output by 411,000 barrels per day, marking continued efforts since April to gradually boost global supply.
Members involved in the decision include Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates. Collectively, these countries have increased output by approximately 1.4 million barrels per day, with more planned increments scheduled until October 2023, reflecting around 1.4% of daily worldwide demand.
Despite production increases, OPEC+ is still implementing significant cuts to stabilize the market. The group collectively reduces output by 5.3 million barrels per day, accounting for about 5% of global need, ensuring a cautious balance between meeting demand and maintaining market stability.
(With inputs from agencies.)
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