Members of OPEC+ deal may reconsider increase of oil production in September

July 31, 2018

The members of OPEC+ deal may reconsider increase of oil production in September, said Alexander Novak, Minister of Energy of Russia.
'According to A. Novak further performance of the terms of the deal will depend on a number of factors. He does not exclude that OPEC+ members may consider increase of quota over 1 mln bpd at the next meeting,' reports Izvestiya.
'We'll look in September at the balance of production and consumption taking into account the factors on Libya and production of other states,' he said. In his opinion, the market has taken into account possible withdrawal of Iran, whose oil may get under US sanctions.
'We will discuss it depending on the market situation by that time. In September we will see the balance of production, consumption taking in account the factors, including in Libya and production in other states,' he said to the journalists at BRICS summit.

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