OPEC Plus to maintain output increase in August

Major oil-producing nations have confirmed they will stick to a projected increase in production in August.

The group, known as OPEC plus, is said to have maintained its position in order to meet an increase in demand from oil-consuming countries.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, confirmed the decision in an online meeting on Thursday.

Production will be increased by 648,000 barrels per day, maintaining July’s level of increase.

Crude oil prices remain high, causing rapid inflation around the world.

The group had originally forecast a more modest increase of 432,000 barrels per day in July and August.

The higher production in August will be settled by bringing forward an increase that had been planned for September.

Now, the focus is on the group’s production in September, which was not covered in the recent online meeting.

US President Joe Biden is due to visit Saudi Arabia in July, which could put more pressure on oil-producing countries to increase production.

But further production increases are thought to be difficult as some OPEC-plus members cannot meet production targets due to problems with facilities.

The group is set to hold another meeting on August 3 to discuss its plan for September.