OPEC + changed baseline production levels and extended the deal until the end of 2022

The ministers of the OPEC + countries have come to an agreement to limit oil production until December 31, 2022, according to the OPEC website. From August, production will begin to increase by 400 thousand b / d per month. From September 2022, the baseline for the decline in oil production for Russia and Saudi Arabia will be increased from 11 to 11.5 million barrels per day. The next ministerial meeting is scheduled for September 1.

The United Arab Emirates (UAE) will increase the baseline from 3.2 to 3.5 million b / d (earlier it was reported that the country achieved a level of 3.8 million b / d). Iraq will increase the baseline for the decline in oil production from 4.65 to 4.8 million barrels per day, Kuwait – from 2.8 to 2.96 million barrels per day.

Previously, the absence of a compromise between the OPEC + countries led to a decrease in oil prices. Last week, the prices of European grades of oil plummeted by 4.5-6.3%. The price of Russian Urals oil also fell.

On the situation on the oil market – in the material of “Kommersant” “OPEC + is preparing to pour.”

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