11:02 - 8.06.2026
June 8, Fineko/abc.az. The OPEC+ alliance plans to increase oil production targets by another 188,000 b/d from July to compensate for shortage of raw materials at the global market.
ABC.AZ informs with reference to Reuters that this will be the fourth increase in quotas in the last 4 months. However, sources emphasize that most of the participating countries are unable to physically meet the new standards due to the logistical impasse caused by the closure of the Strait of Hormuz.
Earlier, in the period from April to June, the seven leading OPEC+ countries, including Russia, increased their quotas by a total of almost 600,000 b/d. Despite this, due to falling exports, real production volumes continue to decline: if in February production was 42.77 million b/d, then in April this figure fell to 33.19 million barrels.
