Three OPEC+ sources said that currently, the alliance is not talking about pausing its planned oil supply ease despite the reserve releases from the US and other major oil consumers.
Following high energy prices which led to high inflation rates and low approval ratings for US President Joe Biden, the US and several other countries have agreed to release their emergency reserves in a coordinated move.
Some market analysts have suggested the Organization of the Petroleum Exporting Countries and its allies (OPEC+) pause its own output increases in fear of overwhelming the market.
According to the Wall Street Journal, Saudi Arabia and Russia were considering halting the output ease. However, the UAE and Kuwait were not convinced a pause was necessary.
Three other OPEC+ sources from major producers also said no such discussion was taking place.
OPEC+ is set to meet next week to address oil demand and supply dynamics after it adds 400,000 bpd to its oil supply every month after being so tight in managing them since the pandemic. Currently, the alliance’s output cut is at 3.8 million bpd.
