OPEC++ meets with OPEC unlikely this month

OPEC++ meets with OPEC unlikely this month

On Wednesday, OPEC and OPEC met in a series of two-day meetings, with sources saying that the chances of a big policy change look unlikely this month.

In its last meeting in early June, OPEC decided to speed up production cuts and increase output by 648,000 barrels per day bpm in July and August, up from earlier increases of 432,000 barrels per day per day, up from earlier increases of 432,000 barrels per day.

OPEC consists of OPEC and allies such as Russia.

Washington welcomed the decision of the Organization for the Protection of Trade in the Middle East, after months of pressure from the West on OPEC to raise production to help cool off oil prices, which soared as a result of sanctions on Russia for the invasion of Ukraine.

However, prices kept rising due to tight supply and worries that OPEC is coming close to running out of spare capacity to raise output.

French president Emmanuel Macron told US President Joe Biden this week that he was told that Saudi Arabia and the United Arab Emirates can barely increase oil production.

Oil prices went up for a fourth day on Wednesday, with Brent close to US $120 per barrel on spare capacity concerns and plans by G 7 countries to impose price caps on Russian oil.

Biden will be in the Middle East, including Saudi Arabia next month, and is expected to press Riyadh to raise production.

At least five OPEC delegates said the meeting will focus on confirming August output policies and not discussing September.

Two other delegates said the issue of production could emerge after August but it was not clear what steps could be taken.

Three delegates said that the Wednesday meeting was not likely to lead to a major decision, despite the fact that OPEC started a separate meeting after 1100 GMT and three said it was not possible to make a major decision.