OPEC+ could reconsider plans to add more oil barrels this week
The next OPEC+ meeting is Sept 1
OPEC+ had planned to be on auto-pilot through year-end, adding an additional 400K per month as they slowly bring back idled production.
That’s still widely expected to remain the plan because even with delta slowing demand, there remains a global deficit.
However Kuwait’s oil minister decided to liven things up today but saying a pause is possible.
“The markets are slowing. Since COVID-19 has begun its fourth wave in
some areas, we must be careful and reconsider this increase. There may
be a halt to the 400,000 (bpd) increase,” Mohammad Abdulatif al-Fares
told Reuters on the sildelines of a government-sponsored event in Kuwait
City.
Fares conceded there were different views among OPEC+ countries on how to handle supply issues.
