Representatives say OPEC+ is expected to maintain its plan to increase production.

According to four representatives, the OPEC+ Joint Ministerial Monitoring Committee is scheduled to hold a meeting next Monday, but it is not expected to make any adjustments to the current production increase plan. Sources have pointed out that the alliance is still committed to regaining market share, and strong summer demand is helping to absorb the additional supply. Informed sources stated that this meeting may not change the current policy, which is that 8 member countries will increase total production by 548,000 barrels per day starting in August. Another source mentioned that it is still too early to make a judgment. OPEC+ currently supplies approximately half of the world's crude oil. To support the market, the organization began increasing production this year to regain market share. According to three sources earlier this month, the 8 OPEC+ oil producing countries also plan to hold a separate meeting on August 3, and are expected to agree to further increase production by 548,000 barrels per day starting in September. This means that by September, OPEC+ will completely lift the previous 2.2 million barrels per day production cut.