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OPEC+ agrees to boost output by 648,000 bpd for Aug.

VIENNA, June 30 (KUNA) -- OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, have agreed to increse their production by 648,000 barrels per day (bpd) next August.
The agreement came during the 30th OPEC and non-OPEC Ministerial Meeting held via videoconference on the basis of the current oil market fundamentals and the consensus on its outlook.
They also agreed to reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th and 29th OPEC and non-OPEC Ministerial Meetings.
They, further, reiterated the critical importance of adhering to full conformity and to the compensation mechanism, emphasizing that compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
The 31st OPEC and non-OPEC Ministerial Meeting will take place on 3 August 2022. (end) amg.seo