A “research company” expects that OPEC+ will begin gradually increasing its oil production

The Capital Economics research institution said that it expects the “OPEC+” group to begin gradually increasing its oil production.

It added that the coalition, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent crude producers, including Russia, is scheduled to meet in the coming weeks to review production quotas, as reported by Al Arabiya.

OPEC+ has been reducing its oil production since late 2022 to support energy markets, according to the Arab World News Agency.

It is worth noting that OPEC indicated, in its monthly report in February 2024, the unequal commitment of member states to the agreement to reduce oil supplies during January.

The company explained that although Kuwait and Algeria committed to their quotas to reduce production, the restriction of Iraqi supplies was much less than agreed upon.

The Iraqi Ministry of Oil announced its commitment to the production adjustments agreed upon at the OPEC Plus ministerial meeting.