Agencies-Gaza post
OPEC+ to keep production unchanged, reduce it slightly
Dohaa Baker
Six sources in OPEC+ reported that the group is likely to keep oil production quotas unchanged for the month of October at Monday’s meeting, however some sources did not rule out a slight production cut to support prices that fell due to fears of an economic slowdown.
The six sources announced on Sunday and today that OPEC+, which includes OPEC members and allies including Russia, is expected to maintain current policies.
However, three of the sources said that the group could also consider reducing production by a small amount of 100,000 barrels per day.
Today’s OPEC + meeting comes against a complex background, including the possibility of an increase in supplies thanks to the return of Iranian crude to the market if Iran succeeds in reviving the 2015 nuclear agreement with world powers.
On the other hand, Russia said it would stop supplies to countries that support the idea of capping the prices of Russian energy supplies in the midst of the military conflict in Ukraine.
Russia has also continued to reduce gas shipments to Europe, which will likely lead to further price hikes.
Brent crude fell to around $95 a barrel from $120 in June, amid fears of an economic slowdown and recession in the West.
Iran is expected to add 1 million barrels per day to global supply, equal to 1 percent of global demand, if sanctions are eased, although prospects for a nuclear deal appeared more murky on Friday.
