OPEC+ has reached an agreement to postpone the increase in oil production.

OPEC+ postpones the recovery of oil production for three months

According to Bloomberg, OPEC+ delegates proposed to postpone the recovery of oil production for three months, and this proposal has so far not encountered opposition. All discussions are held in a closed format, so delegates remain anonymous. A final decision will be made on Thursday.

At previous meetings, the need to postpone the phased increase in production volumes at the beginning of next year was discussed. Currently, the oil market is prone to overproduction, so Baghdad, Moscow, and Astana are monitoring the increase in production volumes and postponing plans to increase them. However, the organization is also considering improving compliance with agreements and introducing additional restrictions to compensate for excess production.

OPEC+ has already postponed the recovery of production twice due to changes in demand from China and increased supplies from America. This has affected the drop in the price of Brent crude oil by 17% since early July. Currently, it stands at around 73 dollars per barrel. Even if OPEC+ continues to postpone the recovery of production, other member countries, such as the United Arab Emirates and Kazakhstan, will continue to increase it.