The Organization of Petroleum Exporting Countries alliance (OPEC+) has announced that it will raise the daily Crude oil output of Nigeria and other countries in the coming months.
The global oil alliance while disclosing this on Thursday said that it would increase daily output by 648,000 barrels in August even for countries which are currently finding it difficult to meet the current OPEC quota.
Presently, Nigeria, Angola and Libya are in the list of countries which have not been able to meet the OPEC output targets due to a lack of production capacities.
The global oil organization noted that the increment will not be inadequate to counter the rising oil prices in the international markets but the increment is meant to maintain a plan of moderate increase despite growing calls to do more.
Recall that at the beginning of this month, OPEC+ announced that it would increase its output with monthly output for both July and August to be above the one of this month by over 200,000 barrels.
In another development, Russia has reported progressive increase in its oil production.
Commerzbank energy expert, Carsten Fritsch, said that “Russia’s production has so far not suffered as significantly as many initially assumed, but it is still well below pre-war levels,’’ Fritsch said, referring to the country’s invasion of Ukraine.
However, the European Union has continued to advance its plans to deepen sanctions and to end Russian oil imports by the end of the year.
But Asian countries like China and India have been increasing their oil imports from Russia as the country is luring countries with price discount of 25 to 30 percent.