The core states of the Olkartell Opec+ continue to turn on the oil tap.
The expansion of the funding amount will be increased to 548,000 barrels (159 liters each) per day in August, the oil network said. It is currently 411,000 barrels a day.
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According to their own statements, the producers react to the globally stable economic framework. As usual, the course will be redefined monthly. Depending on the market conditions, adjustments are possible, it said.
In recent years, the eight core states of the cartel, including Saudi Arabia and Russia, had reduced their production by 2.2 million barrels. Since April, the group has started to reverse these cuts step by step.
Opec+ combines the organization based in Vienna in Vienna (Opec) under the leadership of Saudi Arabia with cooperation partners such as Russia. Together they are responsible for around 40 percent of global oil production. According to the recent data in the group, the Opec+ produced around 40.9 million barrels a day in April.
Under the pressure of the war between Israel and Iran, oil prices had increased at least temporarily. The core states want to advise themselves again on August 3 to advise on oil production for September.
/mrd/dp/he
Vienna (dpa-Afx)