OPEC+ is confident in the ability of the global oil market to absorb the increased production expected by some members of the alliance, Deputy Prime Minister of Russia Alexander Novak emphasized, stressing that the market will remain balanced thanks to their measures.

These statements are made before the meeting of the OPEC+ Joint Ministerial Oversight Committee scheduled to be held in early August to discuss production policy, as the group is scheduled to re-pump an additional 2.17 million barrels per day starting next October.

The Kingdom of Saudi Arabia, the largest producer in OPEC, affirms its commitment to the flexibility of the alliance, indicating its readiness to reconsider plans to increase production if necessary to maintain market stability.

While the International Energy Agency confirms the possibility of a slowdown in oil demand growth due to the economic slowdown in China, OPEC+ remains convinced that other factors, such as financial stimulus and the continued recovery from the Corona pandemic, will support market stability in the long term.