Mubasher: OPEC+ countries are scheduled to hold an online meeting on 1 July 2021 to consider whether to further raise oil production for August and beyond, as the global oil market is requesting a strong rise in supplies, according to Bloomberg.
After raising output from May to July, OPEC+ is projected to resume some more of its suspended production, as shown by a Bloomberg survey, and delegates from the group refer that the discussions are being carried out.
The alliance has restored roughly 40% of the almost 10 million barrels of daily production, which has been negatively affected when demand collapsed last year.
Amid expectations of a return to $100 oil and an increase in inflation, the International Energy Agency is demanding the organisation and its partners to meet the supply shortfall.
Yet, the 23-nation alliance, led by Saudi Arabia and Russia, is expected to cautiously provide what the market is demanding amid fears over a rise in inflation.
On Wednesday, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said the OPEC+ alliance has a role in "taming and containing" inflation.
"We have also a role in taming and containing inflation, by making sure that this market doesn’t get out of hand," Prince Abdulaziz bin Salman during a conference organised by Bank of America Corp.
These remarks came after international crude prices had hiked to a two-year high to register above $75 a barrel, as demand recovers from the coronavirus (COVID-19) repercussions.