OPEC+ to keep oil production policy unchanged in October
In the UAE, key OPEC+ participants decided during an online meeting to leave oil production policy unchanged for October after six consecutive monthly increases, The National reports. Saudi Arabia and Russia were among those taking part in the meeting.
Lifting restrictions
The group aims to complete in September the lifting of part of the production restrictions totaling 1.65 million barrels per day, introduced in 2023. Last month, OPEC+ countries agreed to increase production by 188,000 barrels per day in September. The same increase was in effect during the previous three months.
Before that, OPEC+ increased production by 206,000 barrels per day each month in April and May. In the first three months of the year, the increase was paused due to the seasonal impact on demand. OPEC plans to hold its next monthly meeting to assess the market situation on October 4.
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Situation on the oil market
The decision was made amid the conflict between Iran and the United States and disruptions to shipping through the Strait of Hormuz. Before hostilities began on February 28, approximately 20% of global supplies of crude oil and liquefied natural gas were transported through this waterway. According to the publication, the strait is now effectively closed: only a few vessels cross it each day, compared with more than 100 before the conflict began.
Oil prices rose again this week amid the resumption of hostilities. Brent rose by 0.8% to $96.28 per barrel, while West Texas Intermediate gained 0.2% and closed at $82.44. The National also reported that two Filipino crew members were killed in an attack on a Saudi supertanker on Monday.
