The Organization of Petroleum Exporting Countries and its allies, , yesterday, agreed to proceed with a 648,000 b/d increase in its crude production quota for August, in line with what ministers agreed at a meeting earlier this month.
The hike will return the group’s output targets to pre-pandemic levels, and conclude the now more than two-year process of returning to the market, in theory, all of the near 10mn b/d that OPEC and its non-OPEC partners removed in May 2020 in response to the Covid-induced collapse in world demand. The production restraint agreement formally remains in force until the end of this year. But with production targets returning to pre-pandemic baseline levels in August, the group will no longer have a roadmap to follow should the market requires further supply in the coming months.
The OPEC+ group did plan to finish unwinding its cuts in September. But ministers decided at their last meeting to accelerate that process by one month, probably a concession to consumer countries like the United States that have repeatedly called on OPEC+ to raise production at a faster pace to help cool rising oil prices.
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