SEATTLE (Oil Monster): At its meeting next Sunday, OPEC+—the bigger group made up of OPEC members and other oil-producing nations—is probably going to accept another increase in oil output of at least 137,000 barrels per day.
The group had reverted to its April of this year's output reduction plan. More than 2.5 million barrels per day, or about 2.4% of the world's total oil demand, have already been added to limits. Since OPEC+ announced production increases in April, the commodity's prices have been trading in a narrow range between $60 and $70 per barrel, having dropped from peaks of $80 per barrel at the beginning of the year.
ALSO READ:
Kuwait has the highest oil production in the last decade
Oil Prices Up Almost 2% Amid Israeli Attacks on Qatar
After Ukraine's drone attacks on Russian energy infrastructure disrupted refining and supplies from Russian refiners, oil prices last Friday reached their highest level since August 1.
To vote on an output increase in November, the OPEC+ member nations will convene virtually on October 5. A production increase of about 137,000 barrels per day, which is equal to the October boost, is probably going to be announced at the conference. But according to reports, a final decision has not yet been made.
Notably, OPEC+ has been producing about 500,000 barrels per day fewer than its goals.
