OREANDA-NEWS OPEC+ ministers had a meeting on Thursday, June 30. As a result of it, they decided to confirm the previously outlined plan on increasing oil production quotas by 648 000 barrels per day in August, according to an OPEC press release.

It is noted that the decision was made taking into account the current fundamentals of the oil market, as well as the consensus regarding the market's prospects.

Thus, by the end of August, the restrictions on reducing production by 9.7 million bpd, adopted since May 2020, will be exhausted. The OPEC+ agreement is valid until the end of 2022.

The decision of the OPEC+ monitoring committee to increase the quota for oil production in August by 648 thousand barrels per day will allow to have a balanced market, Russian Deputy Prime Minister Alexander Novak believes.

"We believe that the decisions that were made earlier, and today - for August - allow us to say that this will let us have a balanced market and those parameters that provide supply and demand", the Deputy Prime Minister said on the TV channel "Russia 24" after the meeting of the committee.

"We will provide a joint additional supply on the market to meet the growing demand in the summer season, and this will ensure market balancing. We also noted the high level of implementation of the agreement to date - more than 100%. We agreed to continue monitoring", he said.

The next OPEC+ meeting is scheduled for August 3.