OPEC+ will probably increase oil production in September and then take a break, according to Bloomberg, citing delegates familiar with the matter.
The risk of overability can prevent OPEC+ reversing production cuts
“This suggests an increase in production of another 550,000 barrels per day in September. The withdrawal of volunteer production cuts of almost 2.2 million barrels per day and the increase in oil production of 300,000 barrels per day granted to the United Arab Emirates would be complete.”
“The remaining production restrictions of 3.66 million barrels per day of 2022 and 2023 remain in force until the end of 2026. This decision can only be modified at the next OPEC+ meeting at the end of November, when oil production will be determined by 2026.”
“The risk of overability from autumn will probably prevent OPEC+ reversing these production cuts next year.”
Source: Fx Street
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