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OPEC + is expected to keep its production unchanged

The two-day OPEC + meeting ends today without a decision on boosting production, according to Reuters, citing sources.

At the previous meeting in early June, OPEC + decided to increase its production by 648,000 barrels per day in July and August compared to its previous plan to boost it by 432,000 barrels per day.

Washington had welcomed the cartel’s decision, which came after months of pressure from the West to boost production to deflate price pressures.

According to Reuters sources, at least five delegates said this week’s meeting will focus on confirming decisions by August and will not discuss production levels for September. Two other sources said that the issue of production after August may reach the table, but it is not clear what steps OPEC + can take.

Source: Capital

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