Vienna. The Organization of the Petroleum Exporting Countries (OPEC) and its partners, OPEC Plus, decided to increase crude oil production by 548,000 barrels per day from August through a virtual meeting on Saturday. This increase is higher than in July.

OPEC is the Organization of the Petroleum Exporting Countries. It is an international organization that was founded on September 14, 1960 in Baghdad, Iraq. Its headquarters are currently in Vienna, Austria.

OPEC’s main objective is to maintain stable crude oil prices in the world market, maintain a balance in oil supply, and protect the economic interests of member countries by cooperating among member countries. OPEC tries to balance international oil prices by adopting a policy of reducing or increasing production according to global market demand.

In July, OPEC Plus increased production by 411,000 barrels per day. The decision was taken as part of the group’s plan to gradually lift production cuts.

The meeting, which was attended by members including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, discussed the global market situation and future prospects.

According to a statement released on OPEC’s website, the current global economy appears stable and oil stocks are low, which is why the decision to increase production has been made.

However, the statement said that if there are unexpected changes in the market, this increase could be stopped or reversed. (RSS)