Russian Deputy Prime Minister Alexander Novak noted earlier that the alliance will discuss production parameters for at least October.
At a meeting on August 3, OPEC+ members approved an increase in oil production in September by 100,000 barrels per day (bpd). The final statement also emphasized that free oil output capacity in the world is seriously limited and needs to be used carefully. In addition, the document noted that the chronic underinvestment of the oil sector has reduced excess production capacities.
At the same time, the price of Brent oil after the last alliance’s meeting saw noticeable volatility - over the month, the prices fluctuated from $92 per barrel, which is the lowest since February, to $100 per barrel and more. In the first days of September, November Brent futures traded at $92-95 per barrel.
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