Government & Regulatory | General News
OPEC Raising Oil Production After Cap; ~700 MBOPD Upswing Estimated
OPEC reached an agreement to raise its oil production output after previously capping its rates in 2016, according to multiple reports.
The decision was the result of a meeting on Friday June 22, 2018.
While total output will be increased, it is likely that overall production numbers will remain lower than they were prior to the cap.
While OPEC didn't reveal an exact number, the deal will probably boost output by ~600,000 to 800,000 BPD according to analysts.
OPEC's next meeting is slated for December 3, 2018.
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