{"id":59179,"date":"2021-09-01T09:12:49","date_gmt":"2021-09-01T14:12:49","guid":{"rendered":"https:\/\/olduvai.ca\/?p=59179"},"modified":"2021-09-01T09:12:49","modified_gmt":"2021-09-01T14:12:49","slug":"opec-meeting-preview-another-400k-bpd-production-increase","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=59179","title":{"rendered":"OPEC+ Meeting Preview: Another 400k bpd Production Increase"},"content":{"rendered":"<header class=\"ArticleFull_header__11o5_\">\n<h3 class=\"ArticleFull_title__2cUI6\"><a href=\"https:\/\/www.zerohedge.com\/markets\/opec-meeting-preview-another-400kbpd-production-increase\">OPEC+ Meeting Preview: Another 400k bpd Production Increase<\/a><\/h3>\n<\/header>\n<div class=\"NodeContent_mainContent__38L44\">\n<div class=\"NodeContent_body__2clki NodeBody_container__1M6aJ\">\n<p>In today&#8217;s online meeting, OPEC+ is expected to agree to another\u00a0<a href=\"https:\/\/link.mail.bloombergbusiness.com\/click\/24914902.383715\/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjEtMDgtMzEvb3BlYy1tZWV0cy13aXRoLW5vLXNpZ24tb2YtZGV2aWF0aW5nLWZyb20tcGxhbm5lZC1vdXRwdXQtaGlrZXM_Y21waWQ9QkJEMDkwMTIxX01LVCZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fdGVybT0yMTA5MDEmdXRtX2NhbXBhaWduPW1hcmtldHM\/5f2f7552724a15328912d8bfBe134b57e\">production increase of 400,000 barrels per day<\/a>, a move which is a continuation of the process of rolling back production cuts introduced in the depths of the Covid-19 crisis. The organization expects supplies to remain tight through the rest of the year, before flipping to a surplus in 2022. Oil is trading\u00a0<a href=\"https:\/\/link.mail.bloombergbusiness.com\/click\/24914902.383715\/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjEtMDgtMzEvb2lsLXN0ZWFkaWVzLWFzLXRyYWRlcnMtY291bnQtZG93bi1maW5hbC1ob3Vycy10by1vcGVjLW1lZXRpbmc_Y21waWQ9QkJEMDkwMTIxX01LVCZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fdGVybT0yMTA5MDEmdXRtX2NhbXBhaWduPW1hcmtldHM\/5f2f7552724a15328912d8bfB61631437\">slightly higher<\/a>\u00a0this morning ahead of the decision.<\/p>\n<p><em>Below, courtesy of\u00a0<a href=\"https:\/\/www.zerohedge.com\/markets\/www.newsquawk.com\">Newsquawk<\/a>, is a detail summary of what to expect in today&#8217;s meeting<\/em><\/p>\n<p>SUMMARY<\/p>\n<ul>\n<li><strong>The JTC will meet on Tuesday at 12:00BST\/07:00EDT; JMMC and OPEC+ will meet on Wednesday at 15:00BST\/10:00EDT and 16:00BST\/11:00EDT respectively &#8211; subject to further delays<\/strong><\/li>\n<li><strong>Sources have suggested that the planned 400k BPD hike output will likely go ahead, although surprises cannot be ruled out<\/strong><\/li>\n<\/ul>\n<p><strong>RECENT COMMENTARY\u00a0<\/strong><\/p>\n<ul>\n<li>Kazakhstan considers the existing OPEC+ decisions as sufficient to stabilise the market, TASS reported<\/li>\n<li>The Kuwati oil minister, over the weekend, suggested OPEC+ could reconsider output increase due to COVID<\/li>\n<\/ul>\n<p><strong>RECENT SOURCES<\/strong><\/p>\n<ul>\n<li>OPEC+ is likely to roll over its output policies this week, with a planned 400k BPD hike from September, according to sources<\/li>\n<li>An informed source has intimated that considering the outcome of the JTC meeting yesterday, it appears that the OPEC plus meeting today will continue its previous policy; i.e. an increase of 400k BPD, via Energy Journalist Zandi<\/li>\n<li><strong>OPEC+ focus remains on an increase of 400k BPD despite the upward revision to demand forecast, according to four sources<\/strong><\/li>\n<li>Sources have said &#8220;current oil prices around $70 are okay.&#8221;<\/li>\n<\/ul>\n<p><strong>JTC FORECASTS\u00a0<\/strong><\/p>\n<ul>\n<li>OPEC+ forecasts oil stocks falling in 2021 even as it raises production, according to reports &#8211; If output is fully restored, the group forecasts a new oil surplus next year<\/li>\n<li>OPEC+ JTC revises figures and now sees OECD stocks below 2015-2019 average until May 2022 (prev. Jan 2022)<\/li>\n<\/ul>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>OPEC+ Meeting Preview: Another 400k bpd Production Increase In today&#8217;s online meeting, OPEC+ is expected to agree to another\u00a0production increase of 400,000 barrels per day, a move which is a continuation of the process of rolling back production cuts introduced in the depths of the Covid-19 crisis. The organization expects supplies to remain tight through [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[595,25704,607,4318],"class_list":["post-59179","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production","tag-opec-2","tag-pandemic","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59179"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59179\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}