“OPEC +” is considering increasing crude supplies, with its prices reaching a 3-year peak

“OPEC +” is considering increasing crude supplies, with its prices reaching a 3-year peak
“OPEC +” is considering increasing crude supplies, with its prices reaching a 3-year peak

“OPEC +” is considering exceeding its current agreement to increase production by 400,000 barrels per day when it meets next week, against the backdrop of oil prices approaching their highest levels in three years and pressure from consumers to pump more supplies, according to sources in the organization.
According to “Reuters”, the Organization of Petroleum Exporting Countries “OPEC” and allies led by Russia, within the framework of the “OPEC +” group, agreed in July to increase production by 400,000 barrels per day every month to gradually eliminate the production cut of 5.8 million barrels per day, It is scheduled to meet Monday to review its production policy.
Four sources in “OPEC +” said, “One of the expected scenarios is an increase in oil supplies,” but none of them gave details of the quantities or they will be in any month. Another source in “OPEC +” indicated that an increase in production by 800,000 barrels per day in one month is one of the possible scenarios, provided that the next month will not witness any increase.
The closest month in which any increase can occur is November, as the last meeting decided the volume of “OPEC +” production in October.
One of the “OPEC +” sources said, “We cannot rule out any option,” while another source explained that the idea that the oil market may need more oil than is planned in the current agreement “is one of the possible scenarios.” And sources told “Reuters” yesterday, “The most likely outcome is that the group will stick to the current plan.” It is not yet clear why the tone has changed, but it came after the meeting of the “OPEC +” joint technical committee, which reviewed market expectations and reduced expectations for the volume of excess supplies in 2022. Talks between members are continuing before the “OPEC +” meeting remotely on the fourth of October ( October), and there is no confirmation of the agreement on an additional increase.

Source

OPEC increasing crude supplies prices reaching #3year peak

 
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