OPEC + sources said that the group will likely keep its oil production policy unchanged when it meets on Wednesday, and will continue with a modest planned increase in its production.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC +, will meet on September 1 to discuss a previously agreed increase of 400,000 barrels per day for several months to come, according to “Reuters”.
The administration of US President Joe Biden has urged OPEC and its allies to boost oil production to counter high gasoline prices, which the administration sees as threatening the global economic recovery.
But OPEC + sources said that the recent increase in oil prices is temporary, mainly driven by the supply disruption in Mexico and the strong storm hitting the US Gulf Coast.
A source said: “Current oil prices around $70 are good. OPEC+ will probably continue as planned, with an increase of 400,000 barrels per day.”
Another OPEC+ source said it was “highly likely” that the 400,000 bpd increase would take place from September.
Last Sunday, Kuwaiti Oil Minister Muhammad Al-Faris told Reuters that OPEC + will discuss this week whether to continue the planned increase, reconsider it or stop the increase, adding that the economies of East Asian countries and China are still affected by Covid-19 and that caution should be exercised.
He told Kuwait News Agency (KUNA) later that Kuwait supports any decision taken by OPEC + ministers by consensus.
Brent crude rose five cents, or 0.4%, to $72.75 a barrel during trading. And crude rose more than 11%, last week, in anticipation of a disruption in oil production due to Ida.
US West Texas Intermediate crude turned lower and fell 31 cents, or 0.5%, to $68.43 a barrel, after jumping a little more than 10% last week.
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