OPEC+ will continue to expand supply in September, completing the phased production increase goal one year ahead of schedule.
OPEC+ has agreed to significantly increase oil production again in September, completing the supply recovery phase one year ahead of schedule. The organization has hinted at a possible review of the next round of production cuts. Saudi Arabia and other member countries have agreed to increase production by 547,000 barrels per day next month during a video conference. This will completely reverse the commitment made by eight member countries in 2023 to cut production by 2.2 million barrels. The UAE will also gradually increase its production. A representative at the meeting stated that the video conference only lasted 16 minutes. Three representatives indicated that OPEC+ will consider the option of reassessing an additional cut of approximately 1.66 million barrels, but they emphasized that no decision has been made yet and any action will depend on market conditions. A follow-up meeting has been scheduled for September 7th.
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