OPEC+ will likely stick with its current crude oil production policy in its meeting on September 1, Reuters reported, citing sources familiar with the matter. Previously, the group agreed to increase oil production by 400,000 bpd each month for the next several months. US President Joe Biden’s administration has called for higher production from OPEC+ to prevent gasoline prices from spiking further, which could threaten the global economic recovery.
On Monday, Brent slipped 16 cents or 0.2% to $72.54 per barrel after rising by more than 11% last week as investors anticipated production disruptions in the US due to Hurricane Ida. However, the sources said OPEC+ believed the recent price rise was temporary, adding that prices of $70 per barrel are okay. Kuwait oil minister Mohammad Al-Fares on August 29 said OPEC+ would also consider the potential demand from the fast-spreading delta variant that hit some economies in Asia.
