Informed sources said today, Tuesday, that the “OPEC + group” is studying another gradual increase in oil production, starting in August; Oil prices are rising due to the recovery in demand, but it has not yet decided on the exact quantity.
Reuters quoted its sources as saying: "It is very likely that there will be a gradual increase from August," adding that no final decision has been taken and specific volumes have not yet been agreed upon.
The agency pointed out that the talks mean that OPEC and Russia will likely find common ground on oil production policy, as Moscow insists on increasing production more to avoid a jump in prices, while major OPEC producers, such as Saudi Arabia, have not issued any indications about the next step so far. .
For his part, a source in the Russian oil sector told the agency: "Russian producers see that next August is the appropriate time to continue easing oil production cuts despite the expected return of Iranian crude exports, as the market is witnessing a deficit."
The source added that the unstable US production also supports the issue of easing restrictions.
Oil prices fell today, Tuesday, after Brent rose above $ 75 a barrel for the first time since April 2019, and at a time when OPEC + began discussions about increasing oil production, as the prospects for strong demand support higher prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, what is known as OPEC +, are re-pumping 2.1 million barrels per day into the market from May to next July, as part of a plan to gradually end record oil production cuts that began last year.
The Corona virus epidemic had a significant negative impact on the global oil markets, as prices plunged, in April 2020, to below zero, accompanied by a lack of demand for crude, which led to huge losses for the oil-exporting countries, especially the Gulf countries that depend mainly on it in their budgets. the public.
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