OPEC+ countries agreed to increase oil production to compensate for the decline in production in the Russian Federation: up to 648 thousand barrels per day in July and up to 648 thousand barrels per day in August. The original plan was to produce 432,000 bpd over the three months to September.

Against the backdrop of this news, oil prices have changed slightly, the agency adds. Oil prices tumbled Thursday morning ahead of the OPEC+ meeting, with expectations that Saudi Arabia and other OPEC members could increase oil production to make up for falling Russian production. Russian production has fallen by about 1 million barrels per day due to sanctions.

One OPEC+ source familiar with Russia’s position said that Moscow could agree to other producers increasing output to make up for its lower output, but not necessarily to make up the entire shortfall.

According to Reuters, according to a number of industry estimates, Western sanctions will lead to a drop in production in Russia by 2-3 million barrels per day.