Opec+ likely to keep oil output policy from September unchanged
The Organisation of the Petroleum Exporting Countries (Opec) and allies including Russia, collectively known as Opec+, will meet on September 1 to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months
Opec+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three Opec+ sources told Reuters.
The Organisation of the Petroleum Exporting Countries (Opec) and allies including Russia, collectively known as Opec+, will meet on September 1 to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.
US President Joe Biden’s administration has urged Opec and its allies to boost oil output to tackle rising gasoline prices that it views as a threat to the global economic recovery.
On Monday, Brent was down 16 cents or 0.2 per cent at $72.54 a barrel by 0654GMT. It rose more than 11 per cent last week in anticipation of disruptions to oil production from Hurricane Ida.
But the Opec+ sources said the recent rise in oil prices was temporary, driven mainly by disruption of supply in Mexico and the severe storm hitting the US Gulf Coast over the weekend.
“Current oil prices around $70 are okay. Opec+ is likely to continue as planned with the increase of 400,000bpd,” said one source.
Another Opec+ said it was “very likely” that the 400,000bpd increase would go ahead from September.
Kuwait oil minister Mohammad Al Fares on Sunday told Reuters that this week Opec+ would discuss whether it would continue with its planned increase or reconsider it and halt the rise adding that economies of East Asian countries and China were still affected by Covid-19 and caution should be exercised.
He later told state news agency Kuna that Kuwait supports any decision taken by Opec+ ministers based on consensus. — Reuters
The Organisation of the Petroleum Exporting Countries (Opec) and... READ MORE
Stock markets across the region will also be supported by crude... READ MORE
Besides the GCC, India is conducting FTA-related talks with the UK,... READ MORE
Throwing more details about his Starship programme, Musk said the... READ MORE
The session at Sharjah's International Government Communication Forum ... READ MORE
Initial 2021-22 enrollment target of 800 students raised to 1,200 READ MORE
Both existing and planned private or public prayer rooms are subject... READ MORE
They will provide a wide variety of smart services that provide a... READ MORE