OPEC+ representative: The August meeting will not change the production increase plan

On July 18th, Jinshi Data reported that OPEC+ representatives expect that the meeting scheduled for August 1st will be a routine meeting and will not change the plan to increase production starting from the fourth quarter. OPEC+ agreed last month to gradually phase out the voluntary production cut of 2.2 million barrels per day starting in October. When oil prices immediately fell, officials emphasized that the committee could postpone the production increase if necessary, and subsequently the market experienced a rebound, easing the sense of urgency. Participating representatives stated that there are currently no plans for the Joint Ministerial Monitoring Committee to make any recommendations on production policies. As a result, OPEC+ still has several weeks to consider whether to continue increasing supply, theoretically until early September when it needs to determine cargo allocation for customers.