IEA growing OPEC+ output since October condition for balancing oil market
Under current agreements, OPEC countries increase oil production by 400,000 bpd per month, this plan will be in effect until October.
The oil market is in short supply amid disruptions in production in the United States, and the increase in oil production in OPEC+ starting from October will help restore the supply balance, according to the September report of the International Energy Agency (IEA).
"The market should shift closer to balance starting from October if OPEC+ continues to unwind production cuts. Even so, it is only by early 2022 that supply will be high enough to allow oil stocks to be replenished. In the meantime, strategic oil stocks from the US and China may go some way to help plug the gap," the report said.
OPEC countries, under current agreements, increase oil production by 400,000 barrels per day (bpd) per month, this plan will be in effect until October. The decision for November will be taken at the ministerial meeting on October 4.
Source
The oil market is in short supply amid disruptions in production in the United States, and the increase in oil production in OPEC+ starting from October will help restore the supply balance, according to the September report of the International Energy Agency (IEA).
"The market should shift closer to balance starting from October if OPEC+ continues to unwind production cuts. Even so, it is only by early 2022 that supply will be high enough to allow oil stocks to be replenished. In the meantime, strategic oil stocks from the US and China may go some way to help plug the gap," the report said.
OPEC countries, under current agreements, increase oil production by 400,000 barrels per day (bpd) per month, this plan will be in effect until October. The decision for November will be taken at the ministerial meeting on October 4.
Source