On its upcoming meeting, OPEC+ might consider the output hike it has agreed to in July.
On Sunday, Kuwait's Oil Minister Mohammad Abdulatif Al-Fares said that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) might reconsider the output decision as the markets are slowing due to the fourth wave of the coronavirus pandemic in some areas.
"The markets are slowing. Since the coronavirus 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," Al-Fares said.
The statement illustrated the difference of view between OPEC+ and the US President Joe Biden’s administration, which has called for the coalition to increase oil output to alleviate the climbing gasoline prices, which the US views as a threat to the global economic recovery.
