OPEC+ has approved an increase in oil production starting in October

The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to increase oil production by at least 135,000 barrels per day starting in October this year.

This was reported to Reuters by sources familiar with the negotiations. This move is a continuation of the easing of previous production restrictions that OPEC+ began in April.

Although some sources indicate that the increase in October could be even higher, between 200,000 and 350,000 barrels per day, the pace of the increase is expected to be slower.

OPEC+ accounts for nearly half of global oil production, and the gradual increase in supplies will mitigate the impact of ongoing sanctions against Russia and Iran, which are affecting oil prices.

At the same time, this puts pressure on other producers such as the United States, where shale oil production is increasing.

The impact on gasoline and diesel prices is expected to be in the range of a few cents.

(reuters, stratfor, sie)