OPEC+ is likely to proceed with a planned gradual production increase from Oct — report

There has been some talk that the planned OPEC+ barrel return would be pushed back but it’s still coming, according to a report from Reuters that cites six sources.

I’m not terribly surprised by the messaging. US oil companies set budgets in Sept/Oct and OPEC surely doesn’t want them to set out to increase production and take more market share.

This should drag down oil prices though to end what’s been a good week. The wild card here is Libyan production, which has rapidly declined to nearly nothing.

The plan calls for an increase of 180k bpd in October as part of 2.2 mbpd that are offline.