△开采石油(资料图)

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On July 5th, local time, the Organization of Petroleum Exporting Countries (OPEC) issued a statement stating that
The eight major oil-producing countries within OPEC and non-OPEC oil-producing countries have decided to increase their daily production by an average of 548,000 barrels per day in August.
Representatives from Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting on the same day to discuss the current situation and prospects of the international oil market.
The statement mentioned that, given the current robust market fundamentals and low oil inventories, the eight countries have decided to adjust their production levels. At the same time, these eight countries will flexibly adjust their pace of increased production according to market conditions to maintain stability in the oil market. The aforementioned countries increased their daily production by 411,000 barrels per day in July.
The eight countries announced a voluntary production cut of 2.2 million barrels per day in November 2023, and this reduction was subsequently extended multiple times until it was extended until the end of March 2024. In March of this year, the eight countries decided to gradually increase their oil production starting from April 1st to withdraw from the voluntary production cut measures.

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