OPEC + sticks to oil production policy and avoids discussions on plans for September

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London — OPEC + said Thursday that it would stick to the planned increase in oil production in August, but avoided discussing policies after September.

A group Thursday meeting involving Saudi Arabia, Russia, and other major oil producers will travel to the Middle East, including Riyadh, where President Joe Biden is expected to put pressure on the kingdom for more oil. It was held a few days ago.

At the final rally on June 2, OPEC + decided to increase production by 648,000 barrels (bpd) per day from its previous plan to add 432,000 bpd per month in July and August. ..

Washington welcomed June 2’s decision to accelerate production growth after months of western pressure on OPEC +, including OPEC.

Oil prices have soared to their highest levels since 2008 after the United States and Europe imposed sanctions on Russia for the February invasion of Ukraine, which Moscow calls a “special military operation.”

Prices have fallen since then, but remained above $ 115, fearing Thursday’s tight supply and OPEC countries having little room to boost production quickly.

French President Emmanuel Macron said this week that Saudi Arabia and the United Arab Emirates, the only two OPEC states believed to have considerable reserves, were said to be able to barely increase production.

By Maha El Dahan, Alex Lawler, and Ahmad Ghaddar

Reuters

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