OPEC and its allies agreed in principle to raise crude-oil output by 548,000 barrels a day in September, delegates said after a short videoconference on Sunday. The decision would complete the unwinding of 2.2 million barrels a day of voluntary curbs adopted last year by eight core members of the producer group. Ministers also plan to reevaluate a separate 1.66 million-barrel-a-day supply restraint by the end of December, leaving open the prospect of further increases as the market approaches what analysts expect will be a surplus later in the year. The alliance scheduled its next policy meeting for 7 September to review market conditions and finalize the September increase.
Opec+ V8 meeting lasted 16 minutes #oott
The opec+ with the eight states was concluded in 16 mins, the group decided to unwind the remaining 548k in September. This brings an end to the first tranche of the voluntary cuts #OOTT
OPEC+ schedules next meeting to discuss supply for 7 Sept