The energy ministers of the Organisation of Petroleum Exporting Countries (OPEC) and their independent partners – the ‘OPEC+’ group – decided to increase crude oil supplies during the month of September by about 100,000 barrels per day.

The closing statement of the meeting expressed particular concerns about insufficient investments in the exploration and production sector, which affects the availability of sufficient supplies in time to meet the increasing demand beyond 2023.

The statement also indicated that the group decided to hold the thirty-second ministerial meeting of OPEC and independent producers on September 5, 2022.

Russian Deputy Prime Minister, Alexander Novak, considered the decision of OPEC+ to increase crude oil supplies to the group – which currently consists of 23 producers – during the month of September by about 100,000 barrels per day, which will allow serving the increased demand for oil in the global market.

Commenting on the decision to the Russian media, Novak said that global demand for oil has returned to the levels it was before the outbreak of the Coronavirus pandemic in the world, which negatively affected commodities such as oil demand in light of the closure of economic activities.