OPEC+ is considering options for a greater increase in production

On Monday, October 4, the leaders of OPEC+ countries will meet to discuss the oil production deal and the conditions for its possible revision. The organization is considering the possibility of increasing the volume of production more than stipulated by the current agreement. Since July, the countries adhere to the volume of 400 thousand barrels per day.

Some sources claim that the increase in production may even amount to 800 thousand barrels per day for one month, after which production volumes will return to previous indicators. The next month in which an increase may occur is November, since October oil production volumes have already been agreed at the last OPEC+ meeting.

In anticipation of the OPEC+ meeting, oil prices began to decline. The current Brent quote is $77.83 per barrel, although more recently the cost of a barrel of oil fluctuated around $80 per barrel. WTI oil prices also declined to $74.50.