Several countries in the oil organization Opec+ are increasing production. Specifically, they will increase oil production by 548,000 barrels per day in August. This was decided at a virtual meeting on Saturday. Opec said in a press release.
Opec+ is an association of the Organization of the Petroleum Exporting Countries (Opec) and their allies, led by Russia. The increased production comes from eight of the oil organization's members: Saudi Arabia, Russia, Kuwait, Oman, Iraq, Kazakhstan, Algeria and the United Arab Emirates (UAE).
Opec+ accounts for about half of the world's oil production. Since 2022, the countries have cut production to support oil prices.
But this year the organization has changed course to regain market share. In addition, US President Donald Trump has demanded that OPEC+ increase production as part of keeping gasoline prices at a lower level, writes Reuters.
The 548,000 barrels is a jump from previous months. In April, the increase was 138,000 barrels per day, while for May, June and July it had been agreed to increase production by 411,000 barrels per day. With the increase in August, OPEC+ will have released 1.918 million barrels of oil per day since April.
/ritzau/
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