Opec+ is relaxing further its production restrictions, citing “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.” Having completed unwinding its 2.2mn b/d layer of cuts this month, the ‘Group of Eight’ has now turned its attention to the remaining 1.65mn b/d tranche.
At a 7 September virtual meeting, the Group of Eight ministers agreed to a 137,000 b/d taper in October (see table 1). Ministers will next meet on 5 October to discuss the production policy for November where they could release additional barrels, pause the process or reverse it, depending on market conditions. (CONTINUED - 1560 WORDS)
