OPEC+ could reconsider plans to add more oil barrels this week

The next OPEC+ meeting is Sept 1

OPEC+ had planned to be on auto-pilot through year-end, adding an additional 400K per month as they slowly bring back idled production.

That's still widely expected to remain the plan because even with delta slowing demand, there remains a global deficit.

However Kuwait's oil minister decided to liven things up today but saying a pause is possible.

"The markets are slowing. Since COVID-19 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," Mohammad Abdulatif al-Fares told Reuters on the sildelines of a government-sponsored event in Kuwait City.

Fares conceded there were different views among OPEC+ countries on how to handle supply issues.

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August 30, 2021 at 03:22AM

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