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2025-07-28 23:09:25
[OPEC+ again calls for compliance with production quotas as another production increase is coming] OPEC+ is ready to consider another production increase and once again urged member countries to comply with oil quotas. The statement showed that the Joint Ministerial Monitoring Committee pointed out that some countries did not stick to their production targets and instructed these countries to make additional production cuts as compensation. Saudi Arabia and its partners will hold another monthly video conference on August 3 to negotiate production levels in September. Delegates previously said they planned to approve an additional 548,000 barrels per day in production. In the past few months, despite the impending surplus in the global oil market, OPEC+'s unexpected shift to quickly restore production has put downward pressure on crude oil prices, relieved consumers, and won a victory for US President Trump, who has been calling for lower fuel prices.
