Ready to play
Ready to play
OPEC+ is heading toward halting the gradual increases in oil production after September 2026, as it approaches a tentative plan to gradually phase out the voluntary production cut of 1.65 million barrels per day approved in 2023. Participants are discussing an increase of around 188,000 barrels per day at their meeting on August 2, which is the same increase agreed upon for June, July, and August. Meanwhile, new production quotas are expected to be set starting in 2027 after a review of production capacities. These moves come amid growing concerns about a possible oil market surplus in 2027, and declining oil prices driven by expectations of increased supply and the resumption of navigation through the Strait of Hormuz.
Notice: This Is an AI-Generated Summary
Comments (0)