Closed agreement to increase oil production

The increase will be less than anticipated because several countries that produce oil will have difficulty returning to total quotas, said OPEC sources.

OPEC agreed this Friday to increase oil production by about 1 million barrels a day from July to the group and its allies, said a source of the cartel. The elevation is nominal. The actual increase will be lower because several countries that have recently produced oil falling short of the expected will have difficulty returning to total quotas, while other producers will not be allowed to fill the gap, said OPEC sources.

Ministers are meeting in Vienna to discuss the direction of the production cut pact in force since last year.
In parallel, the Iraqi oil minister said that OPEC should be careful before changing this agreement so that the offer does not exceed the market need and affect prices.
Any change could mean a production exceeding demand and "leading to a drop in oil prices, damaging the economy of the producing countries," the ministry said in a statement.

Source: Exam.

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