OPEC+ is about to finalize the September production increase plan, not ruling out a cautious plan for a small increase.

According to Agence France-Presse, 8 core OPEC+ member countries will decide on August 3rd whether to fully exit the 2.2 million barrels per day crude oil production cut plan in September, or take a more cautious approach due to increased uncertainty in supply and demand. The group has already decided to implement around 80% of the 2.46 million barrels per day increase plan. The market generally expects a further increase of 548,000 barrels per day in September, matching the accelerated increase in August, which would mean a return to production levels 12 months ahead of the original plan. A representative confirmed that their country supports completing all increases in September, with several major member countries advocating for speeding up the process, especially considering that some countries have been producing above their quota for a long time. However, at least one member country is inclined towards the cautious approach due to concerns about oil prices, suggesting that the 548,000 barrels per day increase be split into small adjustments of 137,000 barrels per day each month from September to December.