OPEC+ may suspend production growth after October

The countries of the OPEC+ alliance are considering the possibility of temporarily suspending the increase in oil production after October.

Since August, eight participating countries, which had previously voluntarily reduced production by 2.2 million barrels per day, have agreed to increase it by a total of 548 thousand barrels per day. Thus, the volume of restored supplies amounted to 1.78 million barrels per day.

It is expected that the full recovery of production to the previously agreed level of 2.2 million barrels will occur by September. After that, the alliance is likely to pause before the next stage of the increase – by another 1.66 million barrels per day.

Goldman Sachs analysts also suggest that another increase of 548,000 barrels may take place in August, after which OPEC+ will temporarily suspend production expansion.