Today at an OPEC+ meeting, seven countries agreed to increase oil production quotas by 188,000 barrels per day. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
All seven countries that reached the agreement had voluntarily reduced oil production in 2023. They are: Kazakhstan, Russia, Saudi Arabia, Iraq, Kuwait, Algeria, and Oman.
Starting in August, they will increase oil production quotas by 188,000 barrels per day. According to a joint statement, Kazakhstan's quota for August will be 1.618 million barrels per day.
The next OPEC+ meeting is scheduled for August 2.