OPEC+ countries have agreed to postpone the planned increase in oil production for two months.
OPEC+ has reached an agreement to delay by two months the increase in oil production, which was scheduled to begin in October, Interfax reports, citing a source.
“According to the plan approved in June, eight voluntary OPEC+ countries were supposed to begin lifting restrictions of 2.2 million barrels per day in October. Thus, in October production was expected to increase from 35.612 million bpd in September to 35.782 million bpd.” – the agency reports.
Bloomberg previously reported on such deals.
One cause for concern for OPEC+ was the drop in oil prices. On the evening of September 5, the price of North Sea reference Brent crude stood at $74 per barrel. The last time such prices were reached was in May 2023.
As reported EADaily Over the past year and a half, OPEC+ has carried out several voluntary production cuts. The total volume is 3.9 million barrels per day. There is a limit of 2.2 million barrels per day until October. They want to reduce it, but do so gradually.
OPEC+ restrictions have been effective, but their role is reducing production growth in the United States, Guyana, Brazil and other non-member countries. Moreover, the main reason for the current decline in prices is the risk of a slowdown in the world’s largest economies – the United States and China, on which the level of oil consumption depends. High oil prices are also not helped by the fact that OPEC+ members themselves do not fully comply with production reduction quotas and overproduction may reach 600 thousand barrels per day.
