OPEC+ Considers Further Oil Production Increase

Eight members of OPEC+ will consider a further increase in oil production at a meeting on Sunday, aiming to regain market share. Since April, OPEC+ has increased production by approximately 2.5 million barrels per day, reflecting about 2.4% of global demand.

These increases have not led to a decrease in oil prices, which remain near $68 a barrel, due to sanctions against Russia and Iran. A new increase could lead OPEC+ to limit the second level of cuts, amounting to 1.65 million barrels per day, earlier than planned.

At their last meeting in August, eight members increased production by 547,000 barrels per day for September. The next stage of production cuts of 1.65 million barrels per day is valid until the end of 2026.

Source: ΚΥΠΕ