OPEC+ considers options for releasing more oil to the market: Sources

The nearest month any increase could occur is November since OPEC+’s last meeting decided the October volumes

OPEC+ is considering going beyond its existing deal to boost production by 400,000 barrels per day (bpd) when it meets next week, sources said, at a time when oil prices are near a three-year high and consumers are pressing for more supply. The Organization of the Petroleum Exporting Countries andallies led by Russia, known as OPEC+, meets on Monday to review output policy. In July, the group agreed to boost output by 400,000 bpd a month to phase out 5.8 million bpd in cuts. Four OPEC+ sources said producers were considering adding more than that deal envisaged, but none gave details on how much more, or when supply would increase. Another OPEC+ source suggested an increase of 800,000 bpd for one month was possible, with zero the next month.

The nearest month any increase could occur is November since OPEC+’s last meeting decided the October volumes. “We cannot exclude any option,” one of the OPEC+ sources said. The idea that the oil market might need more oil than the existing deal planned for was “one of the possible scenarios,” said another of the sources. On Wednesday, sources told Reuters the most likely outcome was sticking to the existing plan….Read More

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