OPEC will pump 50% more oil in the summer with Russia and Saudi Arabia as the main producers

MADRID, 2 Jun. (EUROPA PRESS) -

The Organization of Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC, have decided to increase their joint crude oil production by 50% starting next July, up to 648,000 barrels per day, as reported in a statement. .

At the end of this Thursday's meeting, the group of countries, which includes OPEC and allies such as Russia, Mexico or Kazakhstan, has decided to "advance the global production adjustment planned for the month of September" and equitably redistribute the increase of 432,000 barrels expected between the months of July and August, thus adjusting the supply upwards from July to 648,000 barrels per day.

In this way, the cartel has partly collected the demands of the market and has taken into consideration the impact on demand of the reopening of some of the main world economic centers after the recent confinements, highlighting the importance of stable and balanced markets for both crude and for refined products.

In this way, as of July, OPEC's production will be 43.206 million barrels per day, compared to 42.558 million in June. Saudi Arabia and Russia will assume the largest volume of production, with an offer of 10.833 million barrels per day, respectively.

According to the quotas in force as of June, the ten countries belonging to OPEC will have to produce a maximum of 26.276 million barrels per day, while the rest of the nations could pump up to 16.930 million barrels.

On the other hand, the ministers of the OPEC countries have agreed to meet again on June 30.