At the negotiations of OPEC+ on September 1, probably, decision to leave unchanged the plans for a mild increase in oil production will be taken. Therefore, the US authorities, who had previously called for an increase in production, faced a rebuff to their plans.

Washington views the rise in fuel prices as a threat to the global economic recovery. However, sources at OPEC+ said that the recent rise in oil prices was temporary. It was triggered by supply disruptions in Mexico and a violent storm that hit the US Gulf Coast.

“The current oil prices are about $70 – it is normal. OPEC+ will probably continue to increase [production] by 400,000 barrels per day, as planned,” according to the one of the agency’s interlocutors. Meanwhile, as the Minister of Oil of Kuwait Mohammad Al-Fares stated on August 29, at a meeting on September 1, the parties to the deal to cut production may revise its current conditions, stopping the increase in production.