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OPEC+ Agrees to Raise Crude Oil Output Target by 188,000 Barrels Per Day Starting Next Month
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OPEC+ has agreed to increase its crude oil production starting next month. Seven participating countries, including Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman, will raise their production targets by 188,000 barrels per day from next month, marking the third consecutive monthly increase. The scale of the increase is the same as that agreed in May, except that the United Arab Emirates, which withdrew from OPEC last Friday, is excluded. Due to the blockade of the Strait of Hormuz, the production increase plan is likely to remain largely on paper. Reuters cited sources as saying that the move is intended to demonstrate that the group stands ready to boost output once the war stops, and that OPEC+ operations remain business as usual despite the withdrawal of the United Arab Emirates. Saudi Arabias production quota for next month is set at 10.291 million barrels per day, while its actual output in March was only 7.76 million barrels per day. (fc/w) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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