OPEC+’s decision to increase oil production can still be reversed at the next meeting of the oil cartel on 1 September. Kuwait’s Oil Minister Mohammad Abdulatif al-Fares told Reuters news agency this.
On Wednesday, the oil cartel OPEC, together with its partners, will meet to discuss the monthly increase in oil production agreed in July by 400,000 barrels per day in the coming months.
“As the fourth wave of the coronavirus crisis strikes in some areas, we need to be cautious and reconsider the planned increase,” said the oil minister.
US president Joe Biden recently urged OPEC+ to increase oil production to stop a further rise in oil prices, as high prices are jeopardising global economic recovery.
Fares said members of the oil cartel look at this in different ways.
“There are meetings with OPEC countries, especially the Gulf states, where it becomes clear that there are different opinions.”