OPEC+ to raise oil production cap by 188,000 bpd in August
OPEC+ countries agreed on Sunday to raise the oil production cap in August by 188,000 barrels per day (bpd) from July levels, according to a statement published after a virtual meeting of OPEC+, Xinhua reports.
In their collective commitment to supporting oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023, the statement said, adding that the adjustment will be implemented in August.
It was reported earlier, global oil demand is expected to keep rising for another quarter-century, reaching 124.1 million barrels per day by 2050 even as electric vehicles and renewable energy rapidly expand, according to OPEC’s World Oil Outlook 2026.
