The Organization of the Petroleum Exporting Countries (OPEC+) presented an updated plan to limit oil production, according to which seven countries will reduce production volumes. This decision was made to compensate for exceeding the agreed production levels, informs Reuters.
According to the new schedule, monthly production volumes will decrease in the range from 189 to 435 thousand barrels per day. This regime will last until June 2026 and will cover Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan and Oman.
One of the reasons for revising the plan was significant overproduction in Kazakhstan, which angered other participants in the agreement and influenced the decision to extend the restrictions. The main burden of reduction will fall on Iraq, followed by Kazakhstan and Russia. Saudi Arabia, which traditionally plays a key role in OPEC+, will cut production by 6,000-15,000 barrels per day for three months.
We will remind you that at the beginning of this year, the National Bank of Ukraine updated its forecast for world oil and gas prices for the next three years. It is expected that oil prices will fluctuate between 70-80 dollars per barrel.
