The group, known as the “Voluntary Eight” (V8), may raise production by 548,000 barrels per day (bpd) for September, mirroring August’s target. This follows a series of increases since April, marking a shift from previous policies focused on cutting output to stabilize prices.
However, ING analyst Warren Patterson predicts a pause in supply hikes after September. Despite rising quotas, actual production growth has been slower, partly due to strong summer demand and geopolitical risks, including tensions from the Iran-Israel conflict.
PVM analyst Tamas Varga highlighted the group’s challenge: “OPEC+ is doing the balancing act of regaining market share and not sending oil prices plummeting.” Saudi Arabia, heavily reliant on oil revenue, faces pressure as it pursues economic diversification.
Staunovo emphasized OPEC+ would only react to actual supply disruptions, not speculative price hikes. The group’s next ministerial meeting in November will discuss unwinding additional cuts of 3.7 million bpd. - AFP
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