OPEC+ to Increase Oil Output by 100,000 Bpd in September

MOSCOW (Sputnik) - The OPEC+ alliance will increase the oil production by 100,000 barrels per day in September, according to its communique issued after the Wednesday meeting.

"Adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for the month of September 2022 as per the attached table. This adjustment does not affect the baselines decided on the above-mentioned Meeting on 18 July 2021," the communique read.

The decision means that Russia and Saudi Arabia may increase the output by 26,000 barrels per day each.

At the same time, the group’s communique said the insufficient investment in the oil sector will affect the availability of supply beyond 2023.

"The Meeting highlighted with particular concern that insufficient investment into the upstream sector will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023 from non-participating non-OPEC oil-producing countries, some OPEC Member Countries and participating non-OPEC oil-producing countries," the communique read.

Global oil production increased in June by 690,000 barrels per day. reaching 99.5 million barrels per day, according to the International Energy Agency (IEA). At the same time, the agency said that global oil demand had reduced by 1.7 million barrels per day to 99.2 million barrels per day due to the spike in energy prices.