OPEC+ considering options for releasing more oil to the mkt at next wk's meeting
According to four OPEC+ sources
According to 4 OPEC+ sources:
- OPEC+ is considering options for releasing more oil to the market at next week's meeting
The price of crude oil has come off on the news and currently trades at $75.04. The high price reached $76.04.
The current deal is to increase production by 400K BPD one meeting next week. The sources did not give details on a volume door which month they would to increase production. However, one source suggested an increase of 800,000 BPD was a possible scenario for one month with zero the next month.
The nearest month the increase could take place is in November as the last agreement set the October volumes.