OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, five OPEC+ sources said, although some sources would not rule out a small production cut to bolster prices that have slid due to fears of an economic slowdown.<\/p>\n
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets as demand faces headwinds and supply could be boosted by returning Iranian crude if Tehran secures a deal with world powers on its nuclear work.<\/p>\n
Brent crude has dropped to about $93 a barrel from $120 in June on fears of an economic slowdown and recession in the West.<\/p>\n
Iran is expected to add 1 million barrels per day to supply or 1% of global demand if sanctions are eased although the prospect for securing a nuclear deal looked less clear on Friday .<\/p>\n
Last month, top OPEC producer Saudi Arabia flagged the possibility of output cuts to address what it sees as exaggerated oil price declines.<\/p>\n
Signals from the physical market suggest supply remains tight, with many OPEC states producing below targets and fresh Western sanctions are threatening Russian exports.<\/p>\n
Russia said last week it would stop supplying oil to countries which support the idea of capping the price of Russian energy supplies amid a military conflict in Ukraine.<\/p>\n
It also further cut gas deliveries in Europe, which will likely face a new gas price spike.<\/p>\n
Five OPEC+ sources said on Sunday the Sept. 5 meeting could roll over existing policies.<\/p>\n
However, two sources out of five said the group could discuss a small cut of 100,000 barrels per day to bring production quotas back to August levels. One of the two sources said this would give the market “a sentiment of a symbolic cut.”<\/p>\n","protected":false},"excerpt":{"rendered":"
OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, five OPEC+ sources said, although some sources would not rule out a small production cut to bolster prices that have slid due to fears of an economic slowdown. The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets as demand faces headwinds and supply could be boosted by returning Iranian crude if Tehran secures a deal with world powers on its nuclear work. Brent crude has dropped to about $93 a barrel from $120 in June on fears of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-519786","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/519786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=519786"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/519786\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=519786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=519786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=519786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}