OPEC+ Sticks to Oil Output Hikes, Avoids Debate on September Plans

“OPEC+ is mulling firing its last crude production bullets as it runs out of capacity to pump more, whilst refining capacity for oil products ... which drives the real economy, has declined markedly,” said Ehsan Khoman from MUFG bank.

Maha El Dahan, Alex Lawler and Ahmad Ghaddar, Reuters

OPEC+ said on June 30 it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards even as prices have risen on tight global supplies and worries that the group has little ability to pump more crude.

The June 30 meeting of the group that includes Saudi Arabia, Russia and other major oil producers was held days before U.S. President Joe Biden travels to the Middle East, including Riyadh where he is expected to press the kingdom for more oil.

At its last gathering on June 2, OPEC+ decided to increase output each month by 648,000 bbl/d in July and August, up from a previous plan to add 432,000 bbl/d per month.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access