OPEC+ agrees to gradually raise output from August, hikes baseline for some countries

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OPEC+ members agreed to increase the crude production baseline for a number of countries, including Iraq, Kuwait and the United Arab Emirates (UAE), in addition to Saudi Arabia and Russia, Reuters reported, citing sources.

The group agreed to adjust the base level of production, increasing 500,000 barrels for Saudi Arabia and Russia to reach 11.5 million barrels per day (bpd) for each, starting May 2022.

The members also agreed to increase the UAE’s share to 3.5 million bpd, and raise the levels for Iraq and Kuwait by 150,000 bpd each, sources said.

OPEC+ also agreed to ease production cuts, starting from August, sources said.

The group agreed to use the new production quotas from May 2022, and agreed to extend supply deal until the end of 2022, they added.