The OPEC+ has decided to bring an additional 0.648 mb/d back in production for the month of August 2022. In August 2022, both Saudi Arabia and Russia should produce 11 mb/d; the OPEC 10 production should reach 26.7 mb/d, that of non-OPEC producers 17.1 mb/d, and the OPEC+ production should average 43.8 mb/d.
Earlier in June 2022, the group of oil-producing countries, which comprises the OPEC and its non-OPEC allies including Russia, endorsed a deal to increase its monthly global oil-supply hikes by 50% from 432,000 bbl/d in June 2022 to 648,000 bbl/d in July and August 2022. The OPEC+, which is unwinding production cuts of 5.8 mb/d imposed in 2020, aims to fully phase out cuts by around September 2022, subject to market conditions. Between August 2021 and June 2022, OPEC+ raised its output target each month by 0.4 mb/d.
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