17:39 - 3.08.2022

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August 3, Fineko/abc.az. OPEC+ countries agreed to increase oil production in September by 100,000 b/d.

ABC.AZ reports that at today’s virtual meeting of ministers, an agreement was reached to increase oil production in September by 100,000 b/d.

This figure is significantly lower than the indicators of production growth in recent months. In July and August, the group increased oil production more than by 600,000 b/d.

This decision of the 23 member country alliance showed that the administrations of Riyadh and Washington are on the way to reconciliation.

After the deal, oil prices continued to rise throughout the day. The price of a barrel of USD crude oil rose by 2% to $99.50, and the price of a barrel of Brent crude oil rose by 1% to $101.50.