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The core group of OPEC+ oil cartel members is increasing production to 548,000 barrels per day in August, it said on Saturday.<\/p>\n
The increase by the eight states, including Saudi Arabia and Russia, raises output from the current level of 411,000 barrels per day. The industry-standard measure of a barrel contains 159 litres of oil.<\/p>\n
The decision was taken in response to stable global economic conditions, the group said. As has been the case recently, the price will be determined on a monthly basis. Adjustments are possible depending on market conditions, the producers said.<\/p>\n
OPEC+ unites the Vienna-based Organization of the Petroleum Exporting Countries (OPEC) under the leadership of Saudi Arabia with partners such as Russia.<\/p>\n
Together, they are responsible for around 40% of global oil production. According to the group’s latest data, OPEC+ produced around 40.9 million barrels per day in April.<\/p>\n
In recent years, the eight core states of the cartel cut their production by 2.2 million barrels. Since April, the group has begun to gradually reverse the decrease.<\/p>\n
Under pressure from the war between Israel and Iran, oil prices rose for a time recently.<\/p>\n
The core countries plan to meet again on August 3 to discuss oil production for September.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n