OPEC+ might reconsider output increase

The 400,000 barrel per day increase in oil output agreed by OPEC+ nations in previous gatherings might be reconsidered at its next meeting on Sept. 1, Kuwait’s oil minister said on Sunday, Report informs, citing Arab News.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.

“The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase,” Mohammad Abdulatif al-Fares told Reuters at a government-sponsored event in Kuwait City.

He added that the economies of East Asian countries and China remain affected by COVID-19, and caution must be exercised.