OPEC+ Meets Amid Expectations Group Will Approve Supply Hike
- Group already agreed to add 400,000 barrels a day each month
- Delegates don’t expect any change to their production schedule
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OPEC and its allies will meet today to review its plans for reviving halted oil production, with delegates expecting the group will ratify another increase in October.
With crude prices mostly recovered from their mid-August slump and the supply outlook relatively tight for the rest of the year, the group has little reason to change the established schedule of gradual monthly supply hikes. The delegates, who spoke on condition of anonymity, predicted ministers would approve October’s 400,000 barrel-a-day supply increment at Wednesday’s online meeting.