OPEC+ Agrees to Increase Output Next Month at a Significantly Slower Pace

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Last Updated on August 3, 2022 by Bitfinsider

For September, OPEC+ decided to boost production by 100,000 barrels per day, providing a tight market with additional supply at a far slower rate than in previous months.

During an online meeting on Wednesday, ministers approved the idea, according to participants who asked to remain anonymous because the details weren’t made public. The consortium had promised to increase market supply by more than 600,000 barrels per day in the months of July and August.

The agreement could not provide much relief for consumers who are feeling the inflationary pressure of rising oil costs. As of 1:09 p.m. in London, Brent crude recovered from earlier declines, increasing 1.3 percent to $101.80 a barrel.

Delegates stated that the 23-nation alliance would distribute the amount proportionally among its members. Only a small portion of the group’s planned production increases have reached global markets in recent months, with only the Saudis and the United Arab Emirates able to expand production. They said that there had been no conversations over whether the Organization of Petroleum Exporting Countries and its partners will continue to raise production after September.

The accord, which came following US President Joe Biden’s visit to the kingdom last month and his fist-bump greeting of Crown Prince Mohammad bin Salman, is merely a small sign that Riyadh and Washington are moving toward reconciliation. Late on Tuesday, the US gave its approval for the sale of $3.05 billion worth of arms to the dominant force in the Middle East, including Patriot missiles.

In recent months, OPEC+ had exhibited some benevolence toward consumers by expediting the final production increases that completed the reversal of their Covid-era curbs. However, the coalition didn’t seem particularly eager to advance any further at this time.

Delegates privately admitted prior to the meetings that they were hesitant to increase supplies while oil consumption is being restrained by the possibility of a US recession and Covid lockdowns in China. According to a Bloomberg survey, the Saudis increased production last month to 10.78 million barrels per day, a level that is only occasionally produced and provides little room for spare capacity.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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