OPEC+ Weighs Increasing Oil Production Amid Market Dynamics
OPEC+ is considering further increasing oil production to regain market share. The decision involves potentially unwinding output cuts ahead of schedule, impacting global oil supply. Despite discussions, there's also a possibility of pausing increases for October. Official comments are awaited for confirmation.
OPEC+ is poised to make a crucial decision regarding oil production on Sunday, potentially signaling an increase as the group aims to reclaim its stake in the market, according to insiders familiar with the ongoing discussions.
This potential boost involves reversing a significant portion of the current production cuts, estimated at 1.65 million barrels per day, which accounts for 1.6% of the global oil demand. The decision would come more than a year earlier than initially planned.
As eight OPEC+ nations prepare for an online meeting to determine production levels for October, there remains a possibility of halting any increases. Official statements from OPEC headquarters or Saudi Arabian authorities remain pending.
(With inputs from agencies.)
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