Report: Real OPEC+ output hike of 600,000 bpd to involve 5 states

MOSCOW, Jun 22 (PRIME) -- The real hike of oil production may amount to 600,000 barrels per day and involve only five members of the OPEC+ crude production cut agreement, Bloomberg reported Friday citing OPEC delegates with knowledge of the situation.

According to the sources, the output quota of Saudi Arabia may be increased by 245,000 barrels per day, of Russia by 160,000 barrels per day, of Kuwait by 80,000 barrels per day, of UAE by 80,000 barrels per day, and of Oman by 35,000 barrels per day.

Russia’s Energy Minister Alexander Novak said late on Thursday that the ministerial committee to monitor the implementation of the agreement had recommended raising the output under the deal by 1 million barrels per day.

Saudi Arabia’s Energy Minister Khalid Al-Falih said that the recommendation was only nominal, and the real increase would differ.

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