OPEC+ unlikely to change its oil output policy on August 4

Market news

2 August 2023

OPEC+ unlikely to change its oil output policy on August 4

Citing six OPEC and its allies (OPEC+) sources, Reuters reported on Wednesday, the alliance is expected to make no changes to its current oil output policy when they meet on Friday, August 4.

Additional takeaways

“The committee would probably not make any changes to existing policy during Friday's online meeting.”

“Rising oil price is a reason to take no action.”

Market reaction

Despite the above report, WTI is keeping its recovery mode intact toward the $82 mark. The US oil is down 0.22% on the day.

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