OPEC+ No New Oil Cuts Amid Global Deficit
Moscow, 2nd of September. OPEC+ does not plan new oil production cuts; global oil demand is recovering, Vice Prime Minister of the Russian Federation Alexander Novak told journalists.
Consensus
- OPEC+ is not planning new oil production cuts.
- Global oil demand is recovering.
- The global oil market remains in deficit.
- OPEC+ countries have been increasing oil production in recent months.
- Voluntary production cuts have been gradually phased out.
Points of divergence
- Seven OPEC+ countries, including Russia, agreed in early August to increase the production ceiling by 188,000 barrels per day in September. — kommersant
- The decision to increase production was made to respond to the current deficit in the oil market. — vesti
Coverage (2 sources)
- Novak: OPEC+ does not consider new oil production cuts — Коммерсантъ
- Novak: talks about reducing OPEC+ quotas are not happening, there is a shortage in the oil market — Вести