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Reportedly, the OPEC+ countries are set to boost production by 180 thousand barrels per day in October. Simultaneously, the group has stressed multiple times that it may reject such a move due to the market conditions, with several analysts and market players anticipating this outcome.
Yet currently, there is no indication that the planned production boost will be delayed, according to multiple anonymous senior officials.
Over the last two months, oil prices have significantly dropped, with North Sea Brent prices falling below $80 per barrel on Friday. At the same time, Bloomberg points out that the political turmoil in Libya resulted in a 50% decrease in production, potentially creating leeway for OPEC+ to make decisions.
source: bloomberg.com
Yet currently, there is no indication that the planned production boost will be delayed, according to multiple anonymous senior officials.
Over the last two months, oil prices have significantly dropped, with North Sea Brent prices falling below $80 per barrel on Friday. At the same time, Bloomberg points out that the political turmoil in Libya resulted in a 50% decrease in production, potentially creating leeway for OPEC+ to make decisions.
source: bloomberg.com
