OPEC + recommends keeping growth plan for oil production

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The monitoring committee of OPEC + ministers recommended keeping the plan of growth of oil production, adopted in April, for June and July, Report mentions, referring to Bloomberg.

OPEC + cut daily oil production by 9.7 million barrels per day in May last year due to declining demand for oil due to the coronavirus pandemic. As the situation stabilized, some adjustments were made to the restrictions. Daily production for April was 6.9 million barrels, 6.55 million barrels for May, 6.2 million barrels for June, and 5.76 million barrels for July. The calculation base for all countries is the figure for October 2018, and for Russia and Saudi Arabia – 11 million barrels per day.