OPEC Considers Hike In Oil Production To Compensate For Russia ...Middle East

The OPEC Joint Ministerial Monitoring Committee is recommending an increase in production by 648,000 barrels per day —higher than what was originally agreed, according to Tweets from Amena Bakr, Chief OPEC Correspondent at Energy Intelligence. The proposed 648,000 bpd output increase would be for July, and another 648,000 bpd increase in August. All members of the JMMC were in agreement, according to reports. Until Thursday, the overarching sentiment from the masses was that OPEC’s JMMC would rubber-stamp the 423,000 bpd output increase…

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