OPEC+ decided at yesterday's meeting to increase oil production in September by a total of 100,000 bpd, according to Prime news agency. The increase by Russia and Saudi Arabia will amount to 26,000 bpd each.
In August, the organization's previously imposed restrictions on production volumes set in 2020 expire, and it had to decide on the future policy in this regard, the result of which was the above-mentioned decision. However, it pointed out that the lack of investment in the oil industry will cause a decline in world supply after 2023, making it difficult to meet the growing demand. This is stated in the final communiqué. The next meeting of the alliance is scheduled for September 5.
The news contributed to a drop in oil prices. By yesterday evening they had dropped about 2%, with Brent traded at $98.33, down 2.14%, and WTI at $92.39 (-2.15%).