“OPEC +” is studying options to increase the market’s supply of oil

“Reuters” agency quoted informed sources as saying that “OPEC +” is considering going beyond its current agreement to increase production during its meeting next week, in light of oil approaching its highest level in 3 years.

Four sources in “OPEC +” said that one of the expected scenarios is an increase in oil supplies, but none of them gave details of the quantities or in what month they will be.

Another source 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.

Sources have said the most likely outcome is that the group will stick to the current plan.

Talks between members are continuing before the “OPEC +” meeting remotely on the fourth of October, and there is no confirmation of agreement on an additional increase.

The Organization of the 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 each month to gradually phase out the production cut of 5.8 million barrels per day, and it is scheduled to meet on Monday to review its production policy. .

Source

OPEC studying options increase markets supply oil

 
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