Traders expect OPEC+ to significantly increase production again to complete this round of production recovery efforts.

Oil market traders expect that OPEC+ will agree to another significant increase in production this weekend, completing the current round of production restoration actions. In a survey of 17 traders and analysts, everyone predicted that Saudi Arabia and its partners will approve a decision to increase daily production by 548,000 barrels in September at the video conference on August 3. OPEC+ representatives had previously indicated that a preliminary plan had been drafted. If this production increase is approved, the eight key OPEC member countries, including Saudi Arabia, will fully restore the 2.2 million barrels per day production cut implemented in 2023 one year ahead of schedule.