OPEC+ Meets With No Sign of Deviating From Planned Output Hikes By Bloomberg – Investing.com

  • Date: 01-Sep-2021
  • Source: Investing.com
  • Sector:Oil & Gas
  • Country:Gulf
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OPEC+ Meets With No Sign of Deviating From Planned Output Hikes By Bloomberg – Investing.com

(Bloomberg) -- OPEC+ meets today for the first time since July, with delegates expecting the group to stick to its planned production increase. 

With crude prices mostly recovered from their mid-August slump and the supply outlook relatively tight for the rest of the year, the group has little reason to change the established schedule of gradual monthly supply hikes. The delegates, who spoke on condition of anonymity, predicted ministers would ratify October’s 400,000 barrel-a-day supply increment at Wednesday’s online meeting.

The Organization of Petroleum Exporting Countries and allies including Russia are in the process of rolling back the deep output cuts implemented at the depths of the Covid-19 crisis last year. About 45% of the idle supply has already been revived, and in July the group laid out a plan for gradually returning the remainder through to September 2022.