The 100,000 bpd production target increase that OPEC+ set for September may end up effectively being a production cut, the IEA said on Thursday, with a possible dip in Russian production. OPEC+ is unlikely, the IEA said, to increase production in the coming months because they are short on spare capacity.
“Comparatively low levels of operational spare production capacity, held mainly by Saudi Arabia and the United Arab Emirates, may thus all but rule out substantial further OPEC+ output increases in the coming months,” the IEA”s…OPEC+ Oil Production Could Dip In September
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